Nintendo CEO Iwata slashes salary by half

Nintendo CEO Iwata slashes salary by half
Craig Chapple

By Craig Chapple

January 29th 2014 at 2:45PM

Board members also take 20 to 30 per cent cut as company fights falling revenues

Nintendo CEO Satoru Iwata has said he will take a 50 per cent pay cut after the console firm reported poor financial results for the last quarter.

The move comes as the Wii U has struggled to shift units, with sales forecasts dropping to 2.8m from a projected 9m.

Net sales have also plummeted by nearly £1 billion to £2.9bn, while net income fell 30 per cent to £59m.

As a result, the AFP has reported that as well as Iwata, other members of the board will also have their pay slashed by 20 to 30 per cent as Nintendo looks to turn its fortunes around.

While Iwata's pay cut currently runs until June, he said this could be extended past that date depending on the state of Nintendo's business later in the year.