PlayStation boss Kaz Hirai, long expected to be Stringer's eventual successor, explained that the company's top priority is to reverse the losses in its TV business, which has now lost money for seven straight fiscal years with an anticipated eight straight next year. Sony's fiscal year ends on March 30th each year.
Despite taking the pay cut, Stringer was awarded about $3.5 million worth of Sony stock options, as his usual bonus.
The company posted a loss of $3.21 billion for the most recent fiscal year, mainly due to the tsunami and earthquake disaster in Japan in March. The hacker attacks on the PSN also cost the company $170 million, mainly thanks to security updates and compensation packages it offered afterwards. It is unclear how much revenue they lost in the weeks the service was forced offline.
Hirai explained (via WSJ) that the turnaround in the TV business would be similar to how he stopped the bleeding in the PlayStation division, with "aggressive cost reductions with parts procurement and more efficient operations as well as overhauling the company's geographic and product strategies."
LoL...4.5 million for that guy? I'll do the job for $1 million a year; I can't guarantee profits, but I know I couldn't possible do worse than this moron.
He really, really needs to step down. Their TV business is never going to be profitable with the insane goals they have for it; they need to focus on things that might actually make them money...either consider the network advertising (really all it is anyway) or dump it and cut the losses.
Actually, what they really need to do is to take a long, hard look at their offerings, their problems, and their most successful competition. They need to adapt to current times, and they need to realize that repeat customers are the bread and butter of a company the size of Sony...so it is best not to go to war with your customer base just for laughs.