Nintendo president Satoru Iwata has reportedly taken a 50 percent price cut from his salary in response to fall in stock price by up to 21 percent.
Speaking with shareholders, Iwata took responsibility for the company’s current progress with the Nintendo 3DS which has underperformed worldwide, financials revealed yesterday can confirm.
“For cuts in fixed salaries, I’m taking a fifty percent cut, other representative directors are taking a 30 percent cut, and other execs are taking a 20 percent cut,” Iwata told investors.
Iwata’s current salary is around $2 million USD a year.
It has been reported that bonuses will also be reduced significantly.
But Nintendo remains optimistic about the future of its handheld.
Iwata told investors that the price cut will cause the company to lose money on each handheld but should lead to a more successful end-of-year performance.
“We decided that if we take brave measures now,” Iwata wrote, “there’s high likelihood that a many players can enjoy the Nintendo 3DS in the future.”
The Nintendo 3DS price drop will take effect in the UK starting August 12.
Those who purchased the Nintendo 3DS before this date will be compensated with 10 NES and 10 Game Boy Advance games to download via the Nintendo eShop.
Tags: Nintendo 3DS
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