News business Activision cuts CEO Bobby Kotick’s salary in half (but he’s still a millionaire)
Bobby Kotick, CEO of Activision-Blizzard, is one of those executives who hasn’t always had a positive image in recent years! Indeed, the leader has been repeatedly accused of being “overpaid” in firing his staff.
We have already told you about this several times on igamesnews.com, CtW Investment Group, a group of investors who denounce this irresponsible and unethical behavior at the top of companiespinned Bobby Kotick several times. In 2020, CtW alerted supervisory authorities and investors and asked them to do so No longer let Activision-Blizzard and its shareholders make compensation decisions alone
In March 2021, Activision-Blizzard laid off 190 employees from the group, some of whom have worked at King.com (which Activision still reports a lot). Before, 800 people were laid off in 2019 So from the entire workforce of the publishing house 400 more just by closing the Versailles premises After the wave of layoffs in March 2021, CtW alarmed the public again: Bobby Kotick was about to hit $ 200 million thanks to a bonus “Incentive to create shareholder value”. CtW stated through its director Michael Varnier that it is investigating executive compensation: “As we said last year and continue to say:
It looks like CtW has been heard, but Bobby Kotick isn’t too afraid of his financial future either. After thirty years at the helm of Activision, he touched Stock options and stocks valued at $ 20 million per year. His salary was $ 1.75 million per yearwithout all the bonuses to which he was entitled by various clauses. According to the SEC (US Securities and Exchange Commission), Kotick was straight extended by two years (until March 2023)
All of this actually represents significant income reductionsbut we must remember that Bobby Kotick is still holding 4.8 million shares of Activision shares, each valued at $ 92. The SEC document still reminds us that Bobby Kotick made big bucks for the publisher and its shareholders. In thirty years of service he has done Increase Activision’s inventory by 8100%. Activision’s market cap has indeed dropped from $ 10 million to $ 70 billion.
See you in March 2023 to see if Bobby Kotick is renewed again, how much he’s actually touched, and if Activision-Blizzard has reduced the number of layoffs per year during that period.
By Damien Head, Writing from igamesnews.com