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Sony CEO Howard Stringer takes a 16% pay cut

In an effort to fuel growth across the company, Sony’s CEO — Howard Stringer — has taken a 16% cut in his annual pay according to The Wall Street Journal. Stringer will take home $4.27 million for the fiscal year that ended March 30th, down from the $5.25 million he made last year. During Sony’s shareholder meeting on Tuesday, PlayStation head Kazuo Hirai said that the firm’s “most important task” was turning around its television business — an arm of Sony that has seen seven straight years of losses. Hirai named a number of ways the company could accomplish that task, including boosting the efficiency of operations, tweaking product strategies, and reducing costs.