On May 3, According To The Regulatory Documents Submitted By Activision Blizzard, A Video Game Company, To The U.S. Securities And Exchange Commission (SEC), After Microsoft Completes Its Acquisition Of The Company, Its CEO Bobby Kotick May Leave With $520 Million In "severance Pay".
According To The Document, If Cotick Is Fired Or Leaves Office Under Various Circumstances Within One Year After The Change Of Control Of Activision Blizzard, He Will Receive A "severance Payment" Of $14.4 Million. Meanwhile, Cotick Owns 4.3 Million Shares Of The Company And Is Entitled To Another 2.2 Million Shares. At $95 Per Share, The Total Value Of These Shares May Exceed $500 Million. According To The Document, Cotick Received A Salary Of $826549 In 2021.
Activision Blizzard Disclosed The Above Information In Its Annual Power Of Attorney Last Friday, Indicating That The Company Has Made A Clear Accounting For Cotick's Shares In The Company And The Severance Payments It May Receive Under The Existing Agreement. This Provides Investors With The Best Data So Far To Let Them Know That Cotick Is Being [Microsoft] By Activision Blizzard( ?site_id=242986&euid=&t=https://www.microsoftstore.com.cn/ ) How Much "windfall" May Be Obtained After The Acquisition.
The Deal Is Awaiting Regulatory Approval. Both Activision Blizzard And Microsoft Said They Expected The Deal To Be Completed In The Spring Of 2023. Activision Blizzard Said On Thursday That Its Shareholders Had Approved The Merger.
Cotick Is 59 Years Old And Has Been The CEO Of Activision Since 1991. In 2008, After Activision And Vivendi Game Announced The Merger To Establish Activision Blizzard, He Has Always Served As The CEO Of The Company, Which Makes Him One Of The Longest Serving Principals Of Listed Technology Companies In The United States. However, It Is Reported That After The Transaction Is Completed, Cotick Is Expected To Resign From Blizzard.
A Spokesman For Activision Blizzard Confirmed That Cotick Purchased $50 Million Worth Of Company Shares In 2013. Over The Past Eight Years, Under The Leadership Of Cotick, Activision Blizzard Has Achieved 500% Growth, Which Has Benefited Him And All Shareholders. At The Same Time, All The Equity Obtained By Cotick Is Based On Performance Incentives.
In The Documents Submitted To The Regulatory Authorities, Activision Blizzard Also Said That Cotick Would Not Obtain Any Additional Equity Due To Microsoft's Acquisition, Nor Would It See An Increase In His Authority To Obtain Any Equity Awards, Or Whether He Should Leave After The Completion Of The Transaction.
Activision Blizzard Reported That The Company Paid Cotick $155 Million In Compensation In 2020, Most Of Which Were Equity Awards, Making Him The Second Highest Paid Company Executive In The Annual Analysis Of CEO Compensation Of S & P 500 Companies By The Wall Street Journal. At That Time, Robert Morgado, The Chief Independent Director Of Activision Blizzard, Said That The Salary Was Earned Within Four Years, Reflecting Activision Blizzard's Efforts To Create Value For Shareholders For More Than 30 Years.
Headquartered In Santa Monica, California, Activision Blizzard Is Famous For Developing And Distributing A Series Of Games Such As Call Of Duty, World Of Warcraft And Candy Crush Legend, With About 10000 Employees.
Cotick's Leadership Has Always Been Questioned Because California And Federal Regulators Have Accused Activision Blizzard Of Mishandling Employee Sexual Harassment And Gender Pay Discrimination. Last October, Cotick Said He Asked Activision Blizzard's Board To Reduce His Salary To The Minimum Wage Allowed By California Law ($62500) And Would Give Up Bonuses And Equity Awards. Cotick Said The Statement Was Part Of A Series Of Reforms Aimed At Making The Company More Diversified And Safer For Employees.
The Wall Street Journal Quoted People Familiar With The Matter As Saying That Over The Years, Cotick Himself Has Been Accused By Several Women Because Of His Abuse In And Out Of The Workplace. Activision Blizzard Said That The Wall Street Journal Article "describes Activision Blizzard And Our CEO In A Misleading Way. It Ignores The Important Changes That Are Taking Place, Which Make Activision Blizzard The Most Popular And Inclusive Workplace In The Industry".
In Late March, A Judge In California Approved The $18 Million Settlement Agreement Between Activision Blizzard And The Equal Employment Opportunity Commission, Which Has Been Investigating Activision Blizzard's Allegations Of Sexual Harassment And Retaliation.
In Addition, Activision Blizzard Was Sued By The California Department Of Fair Employment And Housing Last July Because They Ignored Female Employees' Complaints Of Blatant Harassment, Discrimination And Retaliation. The Company Said The Lawsuit Distorted The Facts. In Many Cases, The Description Of Activision Blizzard's Past Is False, And The Company Is Always Trying To Pay All Employees Fairly.
The SEC Is Also Investigating Allegations Of Sexual Misconduct And Workplace Discrimination By Activision Blizzard Employees, Who Said They Were Actively Cooperating With The Investigation.