Nintendo CEO Satoru Iwata will slash his pay in half for the next five months, following disappointing financial results for the Wii U and 3DS maker.

Other members of the Nintendo board will take a pay cut ranging between 20 and 30 percent of their salary.

The company announced last week that it was reducing its sales expectations for the Wii U by two thirds, now expecting to shift 2.8 million Wii U consoles for the 12-month period ending March 2014.

Nintendo originally expected to shift 9 million Wii U's in the same period.

Nintendo released its third quarter financial results overnight, announcing an operating loss of roughly $15 million for the nine months ending December 31, 2013.

The company also announced revenue of 499.1 billion yen for the period, a drop of 8.1 percent compared to last year.