Activision Blizzard CEO, Bobby Kotick, stands to receive $504.7 million when Microsoft completes its $70 billion purchase of the company. It’s a remarkable payout for a leader whose recent tenure has been marred by employee complaints over a hostile work environment, mismanagement of harassment and assault claims, and rampant sexism.
CEO since 2017, Kotick owns almost 4 million shares of Activision, the most of any officer or director, filings show. The second-largest holder, board chairman Brian Kelly, owns 1.4 million through trusts and a foundation, a stake valued at $137.1 million based on the deal terms.
At a 45% premium to Activision’s closing price on January 14th, Microsoft’s $95-a-share offer almost erases the hit Kotick’s stock holding took last year as revelations about years of harassment allegations and cover-ups pummeled shares. The Santa Monica, California-based company’s shares gained 26% the following Tuesday to close at $82.31 in New York.
Bobby Kotick will stay on as CEO, according to a Microsoft statement, though a person familiar with the deal said he would remain in the role only until the deal is completed.
(All information was provided by The Straits Times)