Sony CEO to take up to a 50 percent pay cut

Sony CEO Kazuo Hirai and other top executives at the electronics giant will forgo their bonuses, taking up to a 50 percent pay cut in the process, it has been revealed. The Wall Street Journal reports the move, which comes a day before Sony is expected to announce its fourth annual loss in five years. The company anticipates that its loss for the period will total ¥130 billion ($1.27 billion).

Part of the tough times at Sony right now involve the company's PC business, which it intends to sell off. Though the PlayStation 4 is the best-selling new console with 7 million units sold, The Wall Street Journal points out that Sony's projection to sell 20 million PlayStation devices in the 2014 fiscal year is actually lagging behind where it was six years ago by 45 percent in terms of total hardware sold.

Hirai, the former head of the PlayStation business, was named CEO of Sony in 2012. Nintendo president Satoru Iwata also took a 50 percent pay cut earlier this year, as the Mario maker struggled to reach financial projections. Check back tomorrow, May 14, for more on Sony's financial performance.