Satoru Iwata And Shigeru Miyamoto Take Pay Cuts Following Nintendo’s Poor Performance
Nintendo’s president Satoru Iwata has revealed that he will take a voluntary 50 per cent pay cut – for the next five months – following a press conference discussing its Q3 financial results. The president also announced today that two of the company’s directors – including famed video game designer Shigeru Miyamoto – will take a 30 per cent pay cut. Other board members will also have their salaries reduced by 20 per cent.
Earlier this month, the video gaming giant slashed its initial forecast sales for the Wii U and 3DS, admitting that it had a lower-than-expected outlook for its third quarterly financial results. Today, Nintendo has posted a loss of operating income equalling 1,578 million Yen ($15.3 million / £9.2 million / €11.2 million) and projects a future operating loss of up to 35 billion yen for its final financial quarter of the year. Our full report on Nintendo’s Q3…
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