Feeds

Fujitsu execs take pay cut after Tokyo exchange crash

Humble apologies

Using blade systems to cut costs and sharpen efficiencies

Fujitsu is to dock the pay of senior executives after the Japanese computer giant took the blame for a software glitch that forced the Tokyo Stock Exchange (TSE) to suspend trading earlier this month. The exchange was only able to operate for 90 minutes on 1 November due to bugs with a newly installed transactions system, developed by Fujitsu, which was supposed to help cope with higher trading volumes. The interruption in trading was the worst in the history of the exchange.

"Flawed instructions we received from Fujitsu regarding system improvements to its software seem to have caused the glitch," TSE spokesman Mitsuo Miwa told Reuters. The news agency reports that the exchange is yet to decide whether or not to sue Fujitsu over the outage. Nagoya Stock Exchange experienced a similar trading halt three days after the TSE glitch, which have also been traced back to Fujitsu software.

In a show of humility over the cock-up, Fujitsu's board has agreed to slash president Hiroaki Kurokawa's salary in half for six months, and levied pay-cuts of between 10 to 25 per cent on other senior executives including those running its financial systems division. Tokyo Stock Exchange has already imposed a similar set of pay cuts on its executives right down to slashing the monthly pay of President Takuo Tsurushima by half for six months. It's unclear if Fujitsu will plough the cost savings from its salary cuts into its own business or hand over the dosh to Tokyo Stock Exchange. ®

The Essential Guide to IT Transformation

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
Bose says today IS F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.