In what's seen as largely a symbolic move, Nintendo's President Satoru Iwata has cut his personal wages by 50%. This follows severe cuts to expected Wii U sales in addition to a forecast that sees Nintendo dropping back into the red. Along witth Iwata's pay-cut, the entire board will see their wages drop around 30%. All pay-cuts are planned to last five months whereupon they'll be reevaluated, erm, by the President and the board.
Was it necessary for Iwata to cut his own wages? Not necessarily, considering that despite the catastrophe that's become of the Wii U's sales Nintendo still fully supports the leadership of Iwata over removing him in favor of anyone else. Will the money saved from paying the executives actually amount to anything substantial? Of course not, but it does position Iwata in a way that shows solidarity with the rest of his company.
The next step comes on Thursday when Nintendo will announce a new business strategy. Rumored to be a movement into mobile development, which Nintendo has strongly denied, there are many directions Nintendo could move towards for the betterment of the company. Personally, I don't expect them to make any large moves, after all this is Nintendo under the same leadership as ever we're talking about.