Business
Accounting Scandal: Toshiba To Cut CEO’s Pay By 90%
L-R: Ambassador of Switzerland to Nigeria, Dr Hans-Radolf Hodel, representative of the Managing Director, Nestle Nigeria Plc, Mr Sola Akinyosoye, Head, Corporate Communications, Nestle Nigeria Plc, Dr Adenekan Samuel and the Executive Manager, Stakeholder Relations, at a news conference on Nestle Technical Training Scheme in Abuja on Wednesday.
Toshiba Corp said on Wednesday it would slash its interim chief executive’s monthly salary for the next two months by 90 percent.
In a statement in Tokyo, it said the cuts included the previously announced cuts, following revelations of improper accounting at the Japanese conglomerate.
The company said it would reduce Masashi Muromachi’s monthly salary by 50 per cent on top of the 40 per cent cut already in place.
It added it would also dock the pay of other senior executives, and that an extraordinary shareholders’ meeting in September would consider any additional measures.
Toshiba also said it would hire more independent directors, including lawyers and accountants.