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On Disappointing Earnings, Nintendo President's Pay Will Be Slashed In Half

Board members will also take a 20% to 30% pay cut.

[Image: Flickr user wwarby]

With Nintendo faltering behind mobile games and rival consoles, the Japanese game maker announced Wednesday that top executives would take pay cuts. The salary of president Satoru Iwata will be slashed in half, and board members will see a 20% to 30% cut.

Sales of Nintendo's Wii U consoles have been sluggish, and the company cut its annual forecast from 9 million units sold to 2.8 million. Nintendo reported a 10.2 billion yen ($99 million) profit in the nine months ended Dec. 31, down 30% from 14.5 billion in the same period the year prior.

Stealing away from Nintendo's market share has been the popularity of mobile games. A Japanese newspaper had reported earlier this week that Nintendo was considering designing mini-games for smartphones, but Nintendo has denied this claim.

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