The CEO of French publishing giant Yves Guillemot has taken a sizable pay cut due to the company not meeting financial targets.
That's according to a filing by the firm – spotted by Axios – in which the chief exec's compensation is said to be cut to €624,824 ($656,000), a decline of around €310,607 ($327,000) from the €1,034,201 ($1,089,000) he was paid the year before. The pay that Guillemot is foregoing is linked to Ubisoft's financial performance, in addition to some of the reforms the company is meant to be making when it comes to its working culture.
“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 spokesperson said.
In the last year, Ubisoft's operating profit has declined by 14 per cent, while net bookings were down five per cent. Oh, and the company's stock price is down by almost 25 per cent year-on-year.
Earlier this year, there were reports that Ubisoft was being eyed up for acquisition. Subsequent reports suggested that the Guillemot family was considering partnering with private equity firms for an acquisition, while Yves Guillemot said in May that the company has "everything" it needs to "remain independent".