Summary
Iwata took a 50% pay cut to help pay for employee salaries, saying a fully-staffed Nintendo would have a better chance of rebounding. Slashing his own salary allowed existing talent to keep working on upcoming projects.
Nintendo has since sold more than 139 million Switches, as of December 2023. Any CEO who follows Iwata's example needs to be absolutely sure that "the company's strategy is still sound"
Companies might perform layoffs to fix overstaffing problems, reckon with duplicate jobs from mergers. Citigroup plans to cut 10% of its workforce, or 20,000 employees, over the "medium term"
