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Sony Talks Numbers On Management Shuffle

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[ Business]

As chief executive Nobuyuki Idei and three other executives depart the electronics maker, the company disclosed their total retirement package.

As the legendary electronics firm has struggled in the marketplace so much that it has turned to a non-Japanese candidate for the top job, Sony disclosed what it will pay four outgoing executives in retirement packages, according to a Reuters report.

The total figure for Mr. Idei, current president Kunitake Ando, and Ken Kutaragi and Tsutomu Niimura, will be over $7 million USD. Price declines in the flat-screen TV and DVD player markets have caused the electronics unit to lose money for three straight years.

The $7 million is about half of what former Sony president Norio Ohga received on retirement. When that was announced in 2003, shareholders were angered by the news. Sony commented that the discrepancy was due to Mr. Ohga serving much longer with the company.

But those amounts pale in comparison to what some of their American counterparts have received. Dick Grasso announced his departure from the New York Stock Exchange, and strolled away with a $140 million retirement package, amassed from years of deferring compensation from the NYSE.

At Sony, Welshman Howard Stringer, current head of Sony’s US unit, will take the CEO job later this month.

David Utter is a staff writer for WebProNews covering technology and business. Email him here.

Sony Talks Numbers On Management Shuffle
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