Sony Corp. Chief Executive Howard Stringer's compensation fell 16% last fiscal year as the electronics and entertainment giant struggled to recover from the effects of the March 11 earthquake in Japan.
Stringer's salary and bonuses for the fiscal year ended March 31 totaled 345 million yen, roughly $4.3 million, down from 408 million yen, or about $5 million, a year earlier, according to a report released Tuesday to Sony shareholders. Sony first began to report executive salaries last year in compliance with a Japanese law that went into effect in 2010.
Though this year's earthquake and resulting tsunami in Sony's home country occurred in the final weeks of the company's fiscal year, the disaster triggered a $4.4 billion non-cash write-off that turned what would have been a profitable year into the company's third consecutive annual loss.
With the Japanese economy in turmoil, Sony told investors in May that it was unlikely to see a profit in Japan for some time.