Sony to pay $7 million to bosses ousted in shakeup

Struggling electronics maker Sony Corp. will give chief executive Nobuyuki Idei and three other outgoing executives a retirement package worth a total of about $7 million.

Idei is set to lose his job as chairman and CEO as part of a sweeping overhaul of management later this month. He will be replaced by Welsh-born Howard Stringer, now head of Sony's U.S. unit, handing the reins to a non-Japanese for the first time.

Source: Reuters

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Posted: Wed - June 1, 2005 at 10:39 AM