© Toru Hanai / Reuters / REUTERS Nintendo Co President Satoru Iwata bows during their strategy and earnings briefings in Tokyo January 27, 2012.

Nintendo’s President Satoru Iwata announced that he will cut his salary in half after the company recorded a tumble in profits.

According to AFP, Satoru will receive half of his usual salary for the next five months, while Nintendo board members will receive a 20 to 30 percent cut in their salaries.

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The Japanese gaming console titan’s revenues dipped by 8.1 percent during the last nine months of 2013 following sluggish demand for the Wii U games console amid fierce competition from Microsoft’s Xbox One console and Sony’s Playstation 4.

[AFP]