HELSINKI: “Angry Birds” maker Rovio proposed cutting the pay of its chairman and vice chairman following a drop in the Finnish mobile game studio’s market value and a media stir over boardroom compensation.
Rovio proposed cutting chairman Mika Ihamuotila’s pay to €9,500 ($11,845) per month from €12,000 and the remuneration for vice chairman and Rovio’s main owner, Kaj Hed, to €7,500 a month from €10,000.
The pay of other board members would stay at €5,000 per month.
Having listed its shares in September, Rovio saw the stock nosedive 50 percent last month as the company said its sales could fall this year after 55 percent growth in 2017.
Rovio cited tough competition in the game industry that also translated into high marketing costs. A week later, the company said its head of games Wilhelm Taht would leave Rovio immediately for personal reasons.
Kauppalehti business daily this month raised eyebrows by noting that Rovio’s original proposal for the chairman’s pay exceeded that of many larger Finnish companies including engineering company Wartsila, which has a market value of €10.4 billion compared to €380 million of Rovio.
Rovio will hold its first annual general meeting on April 16.
‘Angry Birds’ maker Rovio cuts boardroom pay after profit warning
‘Angry Birds’ maker Rovio cuts boardroom pay after profit warning
