NSG First Quarter Financial Results Released; Officials Agree to Compensation Cuts
August 2, 2012
In Nippon Sheet Glass' (NSG) first quarter financial report, the company's automotive sector reflected volumes below expectations. According to the company, automotive glass is 48 percent of the company's sales, however numbers for the first quarter revenues in the automotive sector totaled out at more than 63,154 million yen. Decline in volumes in Europe was a major factor in the decrease, despite an offset of improving conditions in Japan. In Europe, auto glass replacement business experienced a decrease due to reduced demand. Higher value-added products did partially offset the fall. NSG reports that North America, which is 24 percent of the company's automotive sales, OE revenues increase due to higher volumes, while auto glass replacement fell from the reduction in demand.
NSG also announced the members of its senior management team have decided to voluntarily reduce their compensation for the period of August 2012 to June 2013.
Compensation for Katsuji Fujimoto, director and chair, and Tomoaki Abe, director and vice chair, will be reduced by 30 percent and 20 percent, respectively.
The base compensation of Keiji Yoshikawa, director, representative executive officer, president and CEO, will be reduced by 30 percent. As no performance-based compensation payments have been awarded, Yoshikawa's total compensation will therefore decline by approximately 50 percent for the time period. Yoshikawa was named president and CEO in April, when Craig Naylor resigned from the role.
This story is an original story by AGRR™ magazine/glassBYTEs.com™. Subscribe to AGRR™ Magazine.
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