In light of Nintendo’s bleak financial report, and the subsequent drop in stock prices that followed, Nintendo president Satoru Iwata told investors today that he was voluntarily cutting his $770,000 annual salary by 50%.
“The deduction of the fixed compensation is what we volunteered to do in order to show our sincere attitude and to fulfill our responsibility,” Iwata said. “We really must recover our financial performance and take Nintendo back into the position in the marketplace where it is well appreciated.”
Iwata hopes that this gesture, combined with a massive 3DS price cut, will restore investor confidence in the company. Other Nintendo executives are also taking voluntary cuts in pay between 20 and 30 percent, including Mario creator Shigeru Miyamoto.
Hearing this, combined with the incredibly low income projection for this year, makes me wonder if Nintendo is going to have a rough year ahead of them. I hope layoffs aren’t next.
