Sony struggles with losses and cuts executive remuneration

FIFA TOP SPONSOR Sony may be one of the world’s largest consumer brands but it has suffered a double whammy in recent months. The Japanese tsunami and subsequent nuclear radiation leak hit sales in its home market and this was compounded by a large-scale security breach on it PS3 gaming platform which it has struggled to rectify. The company posted its third straight year of losses and chief executive Sir Howard Stringer has offered to take a 16% pay cut as a consequence. Sony is forecasting a return to profit in this financial year but judging by the damage to its image left by the Playstation security breach it’s brand may take longer to recover.