Ubisoft’s long-time CEO Yves Guillemot will voluntarily take a $327,000 pay cut for the coming year.
“This is a personal decision by Yves Guillemot, which he took considering that the company had not reached the financial targets that it had publicly communicated to the markets,” a Ubisoft rep told axios.
Guillemot essentially waived his “annual variable compensation”, which is a bonus on top of his usual salary that fluctuates based on the financial performance of the company.
Guillemot’s pay cut was not announced by Ubisoft, but instead tucked away in the fine print of a recent company filing. However, it follows a disappointing year for the company, which saw its operating profit fall by around 14 per cent last year.
The €310,607 ($327,000) pay cut equates to about a third of his annual compensation, reducing his compensation for the following year to around $656,000. This does not include stock awards that won’t be available until after 2023.
The majority of Guillemot’s voluntary pay cut was linked to the company’s financial performance, meaning that even if he hadn’t voluntarily given up this amount, it’s unlikely he would have seen an amount anywhere near what he’s used to.
However, it’s also tied to “the execution of internal reforms meant to address issues stemming from the company’s sexual misconduct scandals” that have come to light in recent years.
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