Dozens of Sony executives foregoing bonuses - Report

Forty executives at Sony will not be receiving bonuses this year in a bid to combat the company’s financial loss, The Raw Story has reported. Among those who are foregoing the bonus is chief executive Kazuo Hirai.

A Sony spokeswoman said that the move was "due to severe business circumstances, including stagnant performance in the electronics sector."

The payout is estimated at 1 billion yen ($10 million) by the Nikkei Business Daily.

In the previous year, seven Sony executives voluntarily gave up their bonuses. The organisation is also initiating a restructure, which includes thousands of job cuts.

Just last month, Sony doubled its predicted earnings for the financial year ending March 2013. The sale of the New York City-based headquarters and the City Osaki office in Tokyo netted the company $1.1 billion and $1.19 billion, respectively. Sony conducted the sales as part of a wider initiative aimed at strengthening its corporate structure and returning to a profit.

Sony will release its full earnings report on May 9.