Nintendo management taking pay cuts after poor fiscal results

Following its latest poor fiscal results, Nintendo said today that its president and board members will take pay cuts to make up for the weak demand for its Nintendo Wii U console. Nintendo revealed today that its Nintendo Wii U has only sold 5.86 million hardware units after more than a year on sale -- notably, both the Xbox One and PlayStation 4 consoles have nearly outsold it after just two months. Nintendo president Satoru Iwata said today that he will cut his pay in half for the next five months, while other members of the board will take a pay cut anywhere between 20-30 percent, reports the AFP. Furthermore, the AFP reports that Nintendo intends to buy back nearly eight percent of its outstanding shares from shareholders in an attempt to buoy the value of its stock. Update: Bloomberg reports that Iwata issued a statement suggesting that shareholders look upon the buyback as an attempt by Nintendo to reward them in lieu of substantial stock dividends. "We’ve been rewarding our shareholders mainly through high dividends, but we cannot generate as much profit as we used to make,” stated Iwata.