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Nintendo CEO Slashes Salary In Half Following Wii U Losses
Nintendo CEO Satoru Iwata has revealed that he will slash his salary in half over the next five months, following the abysmal financial results for the Wii U and 3DS maker. Other members of the board will also take a pay cut, but only around 20-30 percent of their salary.
The company announced last week that it has slashed its Wii U sales forecast by more than 70%, lowering its expectations down to only 2.8 million sales by the end of their fiscal year in April. The 3DS, which has been commercially well-off, had its sales forecast lowered as well from 18 million to 13.5 million.
This also follows both Sony’s and Microsoft’s successful console launches, with the PS4 close to eclipsing the Wii U’s life time sales in just a couple of months. The Xbox One has sold 3 million units while the PS4 has reached 4.2 million units sold.
Nintendo announced an operating loss of roughly $15 million for the nine months ending in December 31, 2013. Their revenue for the year, which is 499.1 billion yen, is a 8.1 percent decrease from last year.
It’s admirable to see the higher ups cutting their pay check as an apology to their fans, but that won’t remedy Wii U’s problems.