Sony executives give up bonus pay

Seven Sony executives, including chairman Howard Stringer and president Kazuo Hirai, are giving up their performance-based bonus pay.

The Tokyo-based electronics and entertainment company said they were giving up bonuses for the fiscal year through to March because of the massive challenges to turn around the business.

Sony did not disclose how much money was being returned. The company paid 224 million yen (€2.24m) in such bonuses for the fiscal year through to March 2011 to eight executives.

Sony racked up its fourth straight year of red ink for the fiscal year ending March but it is projecting a return to profit this year.

Sony makes the Walkman player and PlayStation 3 games console.