Sony to pay $7 million to bosses ousted in shakeup

[Stryfe01]

Reuters (http://www.reuters.com/newsArticle.jhtml;jsessionid=R03X2N1UZV2B0CRBAE0CF EY?type=topNews&storyID=8668531[/url) has the scoop on a nice "retirement" bonus for the outgoing Sony execs."TOKYO (Reuters) - Struggling electronics maker Sony Corp. will give chief executive Nobuyuki Idei and three other outgoing executives a retirement package worth a total of about $7 million."

Must be nice...

[cppcrusader]

Looks like they pulled the story already.

[Paranoia]

We're sorry... this story is not currently available

Nice...now we'll never be sure.

[ÜberJumper]

http://www.reuters.com/newsArticle.jhtml;jsessionid=R03X2N1UZV2B0CRBAE0CF EY?type=topNews&storyID=8668531

It's there, just that that reuters thing seems to record URLs via session or something. To find it, type sony in the search box and click find if that URL above doesn't work.

[StoneGut]

Struggling electronics maker Sony Corp

Didn't know they were doing so poorly...

[bobbler]

Didn't know they were doing so poorly...

Some sections of them are. The Playstation division is carrying the company essentially. Their normal electronics division is losing money big time. I wouldn't exactly call them struggling though -- they've had better times, but their ship is still afloat.

Sony as a company still pulls a profit overall (thanks to playstation), and the company worth is nearly 80billion in assets (making it one of the largest companies in the world, asset wise) -- of course, they got a lot of debt too, but most large companies, like governments/countries, have a lot of debt.

More on topic...

I don't see what the big deal is... Giving a hefty retirement package to people who are responsible for a company, that, 99% of the other companies in the world can only dream of being the size, is not all that outrageous. However, I'm glad they are getting some new people in power -- with some better management of their electronic division (getting the sony name back to what it used to be in the 80s/90s would certainly help) they could rule the world (or, co-rule it with a few other companies). The playstation brand brings in well over a billion in profit a year. Although... It's hard to compete with a company who brings in ~10billion profit in their main division without sweating it (losing a couple billion a year in another division is no sweat; hi, Xbox) -- this is of course Microsoft I'm talking about (around 35billion operating costs and 10 billion profit, thats unreal -- ask an accountant, thats the kind of thing companies dream about). It also means we're probably getting majorly ripped off, yet, totally accepting of it; tee hee. On a side note, Kutaragi is probably one of the most (if not the most) powerful people at Sony -- when your division is holding the company above water, you have a bit of power.

[NACIONAL]

that is sure a lot... but hey if they can pay that... power to them

[BalekFekete]

Damn...and I was happy with 3-months severance upon getting laid off from my last job...

;)

[KarmaGhost]

Struggling electronics maker Sony Corp
I remember when Sony's stock was worth $100+ a share.

[Pumped'Up]

I remember when Sony's stock was worth $100+ a share.
and so was everyone and their dishwashing company's stock prices before the bubble burst.

[baz]

Just to put this in perspective...

http://www.forbes.com/static/execpay2005/rank.html

7 mill is nothing

[A-Team]

Original link would work if you'd fix it. It has a [/url] tag at the end of it that's not set right.

...pNews&storyID=8668531[/url <--

[mister_slim]

Do you people realize that if Michael Eisner was forced out he'd receive better than $35 million by himself? This is fucking nothing for a corporate head.