Iwata takes 50% pay cut (Miyamoto 30%)

[Soldier Gryphon]

Nintendo
nintendo-europe.com

Nintendo president Satoru Iwata will slash his salary by 50 per cent following the publication of Nintendo's nine-month financial results.

According to a report from AFP, While Nintendo had warned investors of its drastically revised estimates earlier in the month, its nine-month report, published today, confirmed the disappointing performance of the Wii U over the holiday period. As a result, Iwata will take a 50 per cent reduction in pay for the next five months - a period that will see Nintendo's balance sheet return to the red for its full-year results.

And Iwata will not be alone. According to Siliconera, Shigeru Miyamoto and Genyo Takeda, both representative directors at Nintendo, will have their salaries cut by 30 per cent, while the remaining directors will all have their pay reduced by 20 per cent.

Nintendo's executives also took a pay cut during the 3DS's initial struggles. However, it remains to be seen whether the company can rescue the fortunes of the Wii U in the same manner.

http://www.gamesindustry.biz/articles/2014-01-29-satoru-iwatas-salary-to-be-cut-by-50-per-cent

I suppose it's better than laying off workers, but I don't know what he plans to accomplish in five months. I'd say the Wii U is pretty much a failure at this point (which is sad, since I own one).

 

[menace-uk-]

E3 is in 5 months.

This Wii U performance though was easy to see. Many of Us said so back before it released. Nintendo's biggest consumer base with the Wii where never going to flock to new hardware so soon, and the Wii U just didn;t have enough about it to grab the core crowd. Add in the lead they pissed away before the PS4 and X1 entered the market and its fate was pretty much sealed.

 

[Z A C K]

50 percent. I don't care how much he makes, that'll hurt.

 

[devilsgrin_6]

They usually do this sort of thing in Japan when they feel like they've brought dishonor to their companies, no? Iwata probably doesn't want to be replaced either. Miyamoto could never be replaced of course. If anything ever happened there, he would just "retire" or the like.

 

[The Wolf King]

Seen even die hard Nintendo fans saying they wish he would just leave.

 

[Andy]

Good. I wish American execs would do the same.

It's only for 5 months, though.

 

[starseeker]

5 months. No biggy. I got 50% pay cut every month.

 

[Mr Bigglesworth]

Even if it's for 5 months, that will probably save at least 20 people from being laid off. I think that's a very cool thing and I wish them success.

 

[Joker]

I feel for Nintendo. They're still the #1 console developer IMO.

 

[Intellivision]

Does it say anything about Iwata and other execs getting stock grants, bonuses or any hidden compensation?

Sort of like people praise Steve Jobs for making $1 per year, but made 100s of millions and then billions in stock options.

 

[Andy]

I don't think anyone's praising him, just saying it's preferable to taking it out in staff cuts.