Fujitsu Ltd. said Friday it will cut the salary of President Hiroaki Kurokawa and six other executives as a penalty for a series of computer system malfunctions at the Tokyo Stock Exchange and other Japanese bourses earlier this month.
Kurokawa will take a 50 percent pay cut for six months, while Corporate Executive Vice President Michiyoshi Mazuka, who oversees Fujitsu's computer system section, will have his pay cut by 25 percent for six months, the company said.
Five other executives will receive disciplinary pay cuts of 10 percent or 25 percent for up to six months, it said.
Fujitsu developed the computer system that froze trading at the world's second-largest bourse for three hours Nov. 1, forcing it to suspend all stock trading for the first time in its 56-year history.
The malfunction forced the TSE to suspend all trading in stocks and convertible bonds for the morning session. Trading resumed at 1:30 p.m.
It was the first time trading of all stocks came to a standstill since 1949, when the exchange was founded.
At the time, TSE Managing Director Tomio Amano said the malfunction was caused by a defect in Fujitsu software introduced in October to process data from securities companies.
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