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Activision Blizzard CEO Bobby Kotick Cuts Salary and Bonus by 50%
29/04/2021 alle 07:31
extension agreement filed with the SEC
this morning, Bobby Kotick, CEO of Activision Blizzard, has agreed to cut both his salary and annual bonus by 50%. Two other incentives, the Transformation Transaction Award and Shareholder Value Creation Incentive have also been eliminated, the latter of which was previously reported to be worth upwards
$200 million in stock value
- although after tax withholdings it actually amounted to about $41 million instead.
Stating a desire to retain Bobby Kotick as CEO in order to continue to successfully lead the company, his new pay program "reflects shareholder feedback, incorporates market best practices, and continues to directly connect pay to performance," while reducing his compensation to match the median earned by chief executive officers of peer companies, despite Activision Blizzard's strong relative performance within the industry.
A lot of legalese, but the result is that Bobby Kotick's base salary is being
reduced from $1,750,000 to $875,000
per year, while his maximum annual bonus will similarly be halved. How large this eventual bonus will be is determined by a number of company performance factors, but may not exceed 200% of his base salary - now
reduced from a maximum potential of $3,500,000 to $1,750,000
. As stated, his new base salary is in the bottom 25% of the average earned by CEOs in similar companies, while his maximum potential bonus is equal to their median.
The agreement also extends his appointment as CEO of Activision Blizzard until March 2023, and although Kotick has been frequently criticized for receiving excessive pay and bonuses
in the midst of layoffs
, the filing lauds the accomplishments of his 30 years as CEO: citing him as one of the longest serving Fortune 500 founders and CEOs, while also crediting him with "rescuing ATVI's predecessor company from near insolvency."
No public statement has been made, although Activision Blizzard's first quarter results conference call is scheduled to take place on May 4th. Like
previous investor earning reports
, the call will cover the companies financials and highlight accomplishments over the past three months.
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