Shareholders, at least 54% of them, are quite happy with Bobby Kotick’s work at Activision Blizzard, approving a $155 million pay packet.
There was a delay on the ruling for the pay package after investment company CtW applied pressure. CtW “holds directors accountable for irresponsible and unethical corporate behaviour and excessive executive pay”.
“Activision Blizzard employees face job insecurity following layoffs of 800 employees in 2019, and typically earn less than one third of one percent of the CEO’s earnings, with some employees, such as junior developers, making less than $40,000 a year while living in high-cost areas such as southern California.”
Even if shareholders hadn’t voted for the say-on-pay vote, Kotick would have still received his $155m, it just would have looked worse.
Most of Kotick’s payout is tied to a 2016 goal of doubling the company’s market capitilisation. Under Kotick the market cap has gone from $10m to over $70 billion between 2000 and 2020, which has made shareholders pretty happy.
However, the company has also showed record layoffs, with over 1,000 people trimmed from the company since 2019, despite record profits and improved market cap, with entire offices being closed.
More can be read here, thanks Financial Times.