Iwata: Nintendo Execs Taking Pay Cut Over 3DS Sales

Following the news that Nintendo has reduced its expected profits for the year, a number of key executives have taken pay cuts. The company yesterday modified its financial forecast for the current fiscal year ending March 31, 2012, reducing its expected profits for the fiscal year by 81.8 percent. As part of a shareholders meeting today, as reported by Kotaku, Nintendo president Satoru Iwata said that he felt responsible for the 3DS not selling as well as the company had hoped. He also revealed that he will be taking a significant cut to his fixed salary, as will other Nintendo bosses. "For cuts in fixed salaries, I'm taking a 50 percent cut, other representative directors are taking a 30 percent cut, and other execs are taking a 20 percent cut," said Iwata. Nintendo saw its share price fall to its lowest in nearly six years following the announcement that its 3DS console will receive a price slash next month.