Nintendo’s president Satoru Iwata has revealed that he will take a voluntary 50 per cent pay cut – for the next five months – following a press conference discussing its Q3 financial results. The president also announced today that two of the company’s directors – including famed video game designer Shigeru Miyamoto – will take a 30 per cent pay cut. Other board members will also have their salaries reduced by 20 per cent.
Earlier this month, the video gaming giant slashed its initial forecast sales for the Wii U and 3DS, admitting that it had a lower-than-expected outlook for its third quarterly financial results. Today, Nintendo has posted a loss of operating income equalling 1,578 million Yen ($15.3 million / £9.2 million / €11.2 million) and projects a future operating loss of up to 35 billion yen for its final financial quarter of the year. Our full report on Nintendo’s Q3 financial results will be published later today.
Aww :/ It’s really too bad…
they do this just so we can pity them, why didn’t they do it and not say it publicly
It’s for investors
they did it before, when most game devs got layed off like in EA, Iwata and some of the big guys refused to do the same saying laying off our employees will have a bad effect on production due to morale. Iwata instead refused to take their bonuses so no employees would be layed off
I’m not sure you understand how the stock market works…
Because on Japanese culture, this is a personal punishment, a way to show people that you take responsability of your mistakes. It´s a matter of education and not typical western idioticy. Note that they´re taking cuts from executive´s salaries and not from employees.
…because it’s a public company and they have to report to the shareholders?
Mad respect for these men. well japan people have honor .
Their entire culture is based on honor.
first!
Epic fail
That is how you lead by example.
What do they pay for this guy?
50% cut twice now?
No, he had a 50% pay cut and now he take again a 50% pay cut for 5 motnhs which is a long time i think. Anyway no one in the western companys woudl do that. They would retread with a big final payment or throw out people…
They’re not permanent cuts
But more respect to them.
Any other company would have raised the salaries of the directors and fired employees.
They’re so rich that they’ll never even notice their pay is cut. Even 30% less is most likely a rich man’s salary.
exactly
Not in japan
still these persons have a lot to work and a lot of responsability!
And now the difficult task to once again (after 3DS) change thei fourtune!
omg pooor guy ;gggggg i dont want him to become homeless
If they’d just pay them with Wii U consoles we’d solve two problems at once.
was that your nickname at school? xD XD
Ladies and gentlemen: How to be a President of a company that’s not doin’ that great. Love Nintendo to death, and the people is why. Most people wouldn’t cut THEIR salary. They’d cut people from the lower branches. Lay people off, etc, etc. Going down by a percentile is respectable, and I do hope they have something to blow out of the water.
Iwata: I’m going to give pay cuts…….. Directly to you.
Ahahah.
Oh gosh, I laughed at that.
Good.
A lot of banks could learn from Nintendo!
Umm… Pokemon Bank is from Nintendo so… I don’t think Banks should take lessons from them
Actually, that might be a good idea, at least for European banks.
Mrs Iwata is not a happy bunny right now.
Reblogged this on Edward On Bebop.
Nintendo please get with Oculus Rift Crystal Cove because I think the Wii Remote Plus and Nunchuk would be ideal. We absolutely need a voice network so friends can chat whether they are playing the same game or not. Then one to the next best thing….a holographic room. With 8K tv projectors and nano communication markers. Call me when you’re ready for more ideas.
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they wouldn’t be getting price cuts if they knew what the fuck they were doing.
Oh, you know how to run multi-billion companies?
I don’t think so.
And they didn’t get, they chose to have.
That should be the more common, isn’t that right, Elop?
It’s a large international corporation, and they still managed to make a net profit even with the poor Wii U sales. They must have some idea of what they’re doing.
LOL this is what happens when you make a system like the $cam U, people wake up and see its a joke of a console that uses a gimmick idea like the $camPad that they can’t even tell people why its a must have hahahahahaha and can’t wait for FLOPical freeze to crash in sales and then read all the dronez damage control why hahahahahahaaaaaaaaaaa
#WiiUExposed
#WiiFailedU
#WiiFailedOurSelves
#SalaryCutConfirmed
#JustLikeIPredicted
#OhWell
#GetOverIt
#Discontinue2014
Can somebody please ban this loser? He does my head in all the time. >_>
Complete asshole isn’t he.
E3 is in 5 months
Geez that’s announcement is like giving two fingers to a lot of CEO/Directors/Managers in the world. You can’t say he is not taking responsibility for this failure. Well Done man!!!!
What about Lord Reggienator?…
What does Reggie even do? I’ll be surprised if he gets paid at all.
He is the 2nd in Command in our NA territory after Lord Iwata…
The sad part is realising how few big company executives can prove that much dedication to their practice.
I respect Satoru Iwata to the death. He is one damn great President and CEO.
Why Miyamoto? Fuck you Iwata you are not up to the level of Yamauchi… fuck you for making Miyamoto lose money he is one of the greatest developers of all time, having worked on so many titles or supervised them, mario, pokemon red/blue, metroid, etc etc etc.
They’re only doing this out of shame. It’s out of embarrassment of how badly Nintendo is performing that they hope to avoid humiliation by taking pay cuts.
Seriously, I’ve never seen Nintendo do so terribly.
Japanese executives have killed themselves in the past if their company fails so it’s a pretty big embarrassment to them.
Nintendo 3DS Player Please!
Commit seppuku Iwata san!!!!!
I love and respect Nintendo and Mr. Iwata. I hope Nintendo turns the Wii U around and do not repeat the mistake of the underpowered console the next time around. Please make a new awesome Metroid, new awesome LOZ U, new awesome 3D Donkey Kong Planet.
I love the japanese and their insane work ethics. Always so intense, anyway best of luck to you guys this year. I personally think the Wii U is just going to have to work a little harder than Nintendo’s past systems but I think in time it will do great.
I can’t predict the future but that is my guess. To me it is as simple as software, currently the system just does not have the games people want out of their next gen console. They still have yet to release any huge 1st party titles for the system and that is why I think it is doing so poorly right now.
Wii U should be renamed, “Flying Fairy”.
at least they take their pay cut with honor and not wanting people feel pity for them and its not a punishment but its more to at least help wii u be a bit more stable, nothing wrong with the console itself, just lack of 3rd party support (they have few loyal ones like sega, ubisoft and capcom…well capcom far less support but still) and marketing/communication. vita on the other hand is in worse shape, i want one but i have so many wii u game i want to get first and hope that ps now may temporarily save the vita
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