30 pc cut in top executives salary: Panasonic

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Panasonic
Osaka, May 20: Panasonic Corp, Japan's leading home appliance company said that it is planning to cut the annual pay of its President and Chairman in the current business year by 30 pc to take responsibility for the company's projected financial deficit in fiscal 2009.

Company source said that president Fumio Otsubo and chairman Kunio Nakamura, and other board members will see a cut upt to 20 pc in their salary. The Japanese electronics giant incurred a group net loss of 378.96 billion yen in fiscal 2008, its first deficit in six years, and is also expecting a second straight annual net loss totalling 195 billion yen for fiscal 2009.

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