Monday, November 29, 1999

Sony CEO takes $4.5 mn in annual pay

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Sony Corp said its chief executive Howard Stringer took home $4.5 million in the past financial year, in what will amount to one of the biggest paychecks for an executive of a Japanese firm.Under new regulations, Japanese companies this year are being forced to reveal what they pay executives who earn more than 100 million yen annually. Non-Japanese executives such as Stringer and Nissan Motor Co's Carlos Ghosn are thought to make much more than their Japanese counterparts.The new rules will affect a tiny per centage of executives. Just 1.4 per cent of directors and 8.3 per cent of CEOs at listed companies took home more than 100 million yen in the year to March 2010, according to a survey by PriceWaterhouse Coopers.Stringer, who has struggled to significantly boost Sony's competitiveness since he took the top job in 2005, received 410 million yen ($4.5 million) in fixed and performance-related pay in the past year to March, in which the company posted a net loss of 40.8 billion yen.Vice Chairman Ryoji Chubachi received 150 million yen in annual pay, the company said at its annual shareholders' meeting.

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