Sega president goes mad
Print storyWe know you're embarrassed, Isao, but £500m?
Posted in Games Industry, 8th February 2001 11:53 GMT
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The president of Sega has presented the company with all of his 19.87 million shares in the company - worth £500 million - in order to cover the loss caused by the termination of the Dreamcast console.
We are mighty impressed by Isao Okawa's sense of responsibility but, Isao, Isao, Isao, have you not got a little carried away? It wasn't just Sega shares either, he's handed over other shareholdings in related companies like NextCom, CSK and Ascii.
The games company estimated that dropping Dreamcast would cost it 80 billion yen and Mr Okawa has more than covered this by offering a total of 85 billion yen in shares. Since the decision to dump the loss-making console was made, Sega's share price has risen 7 per cent.
The gift is a very clear indication of the Japanese sense of honour, but given the fact that several executives have committed suicide over business errors in the past, Mr Okawa's admittedly very expensive decision is certainly preferable. ®
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