Sony CEO Kazuo Hirai and other company executives will decline their annual bonuses and accept up to a 50 percent pay cut following Sony's fourth annual loss within the last five years, the Wall Street Journal reports.

Sony downgraded its financial forecast earlier this month, and expects to report a 30 billion yen loss (around $294 million) for the year ending March 31. The company announced in February that it plans to sell off its Vaio PC business and reform its television manufacturing division.

Sony will disclose its full financial results for the recently concluded fiscal year on May 14.

[Image: Sony]

This article was originally published on Joystiq.