Nintendo President Takes Pay Cut In Wake Of 3DS' Troubles
The 3DS has grabbed headlines recently, though not in the way the Nintendo would have wanted. The troubled device will be getting a price cut in August, dropping from $249.99 to $169.99. The move means Nintendo will be losing money on the hardware, which in turn effects the company's earnings forecast. Today, company president Satoru Iwata spoke to shareholders in Tokyo, accepting responsibility for the 3DS and its recent troubles. In addition, Iwata said that he and other executives will be taking significant pay cuts.
For Iwata, that translates to a 50 percent cut from his annual salary of approximately $2 million. Directors close to the project will see a 30 percent pay cut, and other executives will get their pay reduced by 20 percent.
"We decided that if we take brave measures now," Iwata wrote in a letter, "there's high likelihood that a many players can enjoy the Nintendo 3DS in the future."