Ubisoft CEO Takes Voluntarily Pay Cut
Long-time Ubisoft CEO Yves Guillemot has voluntarily taken a $327,000 reduction in salary, the company revealed in a recent filing.
That reduction represents roughly one third of Guillemot's annual compensation, not including stock awards that won't be available until after 2023. His new salary for the coming year will be approximately $656,000.
"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 employee told Axios.
Guillemot's foregone salary is a signal of trouble at Ubisoft. The company's operating profit dropped 14% over the past year, its net bookings dropped 5% and its stock lost half its value. The size of Guillemot's cut is also misleading; it represents the maximum amount he could have received based on Ubisoft's performance, both on financial goals and with regard to internal reforms tied to the company's sexual misconduct scandals. In all likelihood, he wouldn't have received the full $327,000 sum.