The Truly The Best Job in the World: Sony chief executive

This is official. The Best Job in the World is not as as an island caretaker at Australia's Great Barrier Reef. No, Sir. It's actually being a Sony chief executive. Just take a look at how much the Sony chief executive is paid (around 800 million yen (US$8.8 million) in annual pay!) regardless of how the two consecutive annual losses?!?!

I ask you: with this kind of obscenely high remuneration, why would one in such a position be motivated to drive the company to be profitable???

Sony Corp is definitely not going to be a stock that I'll ever buy. Not. Ever.

SONY Corp., which has posted two consecutive annual losses, said on Friday its chief executive has received around 800 million yen (US$8.8 million) in annual pay.

Nearly half of Welsh-born Howard Stringer's pay came from stock options, said Sony spokeswoman Mami Imada. Stringer's annual pay in the financial year to March 2010 was made public at Sony's shareholders meeting.

Sony is the first major company to reveal executive pay under a new rule requiring Japanese corporations to disclose the compensation packages of executives earning more than 100 million yen.

Sony has incurred massive annual losses for two straight years. The company booked a 40.8 billion yen loss in the year to March 2010 and a 98.9 billion yen loss a year earlier.

But Imada said Sony shareholders at the meeting voiced no objection to Stringer's pay. Since taking over as CEO in 2005, Stringer has been trying to unite Sony's sprawling businesses, improve efficiency and rein in costs.

Sony expects to return to the black in the current financial year to March 2011, forecasting a net profit of 50 billion yen on revenue of 7.6 trillion yen.

From Straits Times, "Paid US$8.8m amid losses".


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