07:21 ET<\/span><\/span><\/p>\nSony boss Howard Stringer took a 16% pay cut last year, the electronics and media giant announced at a shareholder meeting on Tuesday.<\/p>\n
His salary and bonuses fell to 345m yen (\u00a32.7m) – a drop from 408m yen a year earlier.<\/p>\n
The fiscal year, which ended on 31 March, is Sony’s third year of losses.<\/p>\n
The company is still recovering from the damage to its factories, hit by the recent earthquake and tsunami, and from a series of security breaches.<\/p>\n
Speaking at Sony’s annual meeting in a Tokyo hotel, Mr Stringer praised PlayStation network gamers for coming back after the hacking attacks.<\/p>\n
He said that up to 90% of subscribers have remained loyal to the network.<\/p>\n
Despite the chief executive’s apology for the hacks, some shareholders appeared frustrated, with one person asking for Mr Stringer to step down.<\/p>\n
The data breaches have made the company’s stock price slide by 30% this year.<\/p>\n
Hacker group Lulz Security claimed responsibility for the attacks.<\/p>\n
Global leader?<\/span><\/p>\nBut Mr Stringer seemed positive about the firm’s future.<\/p>\n
“Our brand perception, you’ll be happy to know, is clearly improving again,” he said.<\/p>\n
“My foremost responsibility to the board and all of you is to further advance the transformation process, firmly establish Sony’s position as a global product, content and service leader in the networked digital era and ensure our continued development and growth,” he added.<\/p>\n
According to the company’s estimates, the attacks will cost it 14bn yen (\u00a3108m) in increased customer support costs, welcome-back packages, legal fees, lower sales and measures to strengthen security.<\/p>\n<\/div>\n<\/p>\n
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