You are here
Angry Birds maker Rovio cuts boardroom pay
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 euros (S$15,400) per month from 12,000 euros and the remuneration for vice chairman and Rovio's main owner, Kaj Hed, to 7,500 euros a month from 10,000 euros.
The pay of other board members would stay at 5,000 euros per month.
Having listed its shares in September, Rovio saw the stock nosedive 50 per cent last month as the company said its sales could fall this year after 55 per cent growth in 2017.
Rovio cited tough competition in the game industry that also translated into high marketing costs. A week later, it said its head of games Wilhelm Taht would leave Rovio immediately for personal reasons.
Kauppalehtibusiness 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 euros compared to 380 million euros of Rovio. Rovio will hold its first annual general meeting on April 16. REUTERS