Nintendo Boss Is Taking a Huge Pay Cut
This may not come as a surprise, but Nintendo president Satoru Iwata will be taking a pay cut this year due to Nintendo’s losses in 2013. Other Nintendo directors will get pay cuts between 20 and 30 percent. The reduction in salary begins next month and will go until June. The company’s biggest selling console is the Wii U, but isn’t meeting Nintendo’s sales expectations for the year. Nintendo racked up a $15 million-plus operating loss for April to December. Here’s Nintendo’s latest financial statement:
“While these titles each sold over one million units, the “Wii U” business as a whole was not able to recover fully, and the global sales of the “Wii U” hardware and software reached only 2.41 million and 15.96 million units respectively.”
This is isn’t the first time Iwata took a pay cut, back in 2011, he took a 50% pay cut for poor 3DS performance. That handheld turned out alright. And his thoughts were that maybe the Wii U will, too.
Hopefully things will get much better for the company that introduced us to amazing video games in the 90s, or maybe they will soon realize that they have not also lost the console war, but ultimately the amazing fan base Nintendo once had.
Here is a Notice of Full-Year Financial Forecast and Dividend Forecast Modifications for Nintendo.