Ubisoft CEO Guillemot takes 30% pay cut ► Latest News

The CEO of French publishing giant Yves Guillemot has taken a significant pay cut after the company failed to meet financial targets.

That’s according to a company filing discovered by Axios, which says the CEO’s pay will be cut to €624,824 ($656,000), a decrease of around €310,607 ($327,000) from the company’s €1,034,201 ($1,089,000) paid to him the year before.

The pay that Guillemot is waiving is contingent on Ubisoft’s financial performance, in addition to some of the reforms the company is set to make to its work culture. “This is a personal decision by Yves Guillemot, taking into account that the company has not met the financial targets it has publicly communicated to the markets,” said a Ubisoft spokesman.

Last year, Ubisoft’s operating profit fell 14 percent while net bookings fell 5 percent. Oh, and the company’s stock price is down nearly 25 percent year over year.

Read more at pcgamesinsider.biz