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Activision Blizzard shareholder group calls for Bobby Kotick to resign

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This week’s vibrant Wall Street Journal exhibit was stirring up all sorts of trouble at Activision Blizzard when workers took to the stage alongside calls for Bobby Kotick to step down under his own “zero tolerance” policy. Not surprisingly, the CEO refused to step down and even received support from the company’s board of directors.

According to the Washington Post, a group of shareholders also submitted a letter to the board of directors of Activision Blizzard, called for the termination of Kotick’s operations and the early retirement of senior members of the board, Chairman Brian Kelly and Chief Independent Director Robert Morgado.

The letter reads:

“We, the undersigned, write to you as shareholders of Activision Blizzard, Inc. represents $329 billion in assets under management or advice. Our company faces an unprecedented crisis in its own workplace. As the new report shows, and contrary to previous statements by the company, CEO Bobby Kotick was aware of numerous sexual harassment, sexual assault, and sexism incidents at Activision Blizzard, but does not warrant that the executives and managers responsible have been terminated, or to recognize and address the systemic nature of the company’s hostile work culture. Furthermore, despite numerous investigations, government settlements and the departures of top executives have negatively impacted both the public reputation and the stock price of the company, the board of directors said. almost completely silent.

We therefore call on Mr. Kotick to step down as CEO of the company and on its board of directors accountable for failing to recognize and address what the California Department of Housing and Fair Employment has described as a “blood brother” workplace. culture flourished. To ensure that the board has leadership capable of leading this effort, we urge President Brian Kelly and Chief Independent Director Robert J. Morgado to announce their retirement no later than December 31. 2021. The Board should start looking for more qualified replacements immediately.”

The group is also calling for an independent review of the company and its board activities, a reshuffle of the board to increase diversity and the addition of a non-executive Chief of Staff, led by staff. nominees to the Board of Directors. salary reduction for Kotick.

“If the Board does not terminate Chief Executive Officer Robert Kotick, include a voluntary reduction of the total amount paid to the CEO in his employment contract for at least 5 years and automatic renewal of the contract. term if stated workplace goals are not met. Also, please clarify if any other executives accept similar cuts or the company will shy away from granting bonuses this year,” the group requested.

Meanwhile, Activision Blizzard’s stock price continues to plunge amid the ongoing scandal and is now down nearly 16% over the past month and almost 30% over the past six months.

https://mmos.com/news/activision-blizzard-shareholder-group-calling-for-bobby-koticks-resignation Activision Blizzard shareholder group calls for Bobby Kotick to resign

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