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Bobby Kotick to Step Down from Coca-Cola Board of Directors
04/3/2022 em 20:03
As reported by the
Wall Street Journal
, a Coca-Cola Company securities filing has revealed that Activision Blizzard CEO Bobby Kotick will be stepping down from the Coca-Cola Company's Board of Directors following the company’s annual shareholder meeting on March 28th. A member of the board since 2012, Kotick has served on various finance and management-development committees.
This news may surprise those who weren't aware of the affiliation, though it's not unusual for big name executives to serve on multiple boards - in fact, Kotick has served on several, including the Center for Early Education, the Los Angeles County Museum of Art, Yahoo!, and the Tony Hawk Foundation. Likewise, most of the members of Activision Blizzard's board serve on others as well, as do those on Coca-Cola's. Increasing pressure over the
controversies surrounding Activision Blizzard
allegations against Kotick in particular
likely exacerbated his stepping down though, as several
have petitioned to have him removed.
It's difficult to give a full account of the disdain for Bobby Kotick, due to how dramatically it's grown over the last few years. Much of it originated from his salary, as the highly successful Activision Blizzard also highly enriched its CEO with
on top of his already high base pay. Despite repeatedly
cutting his salary
forgoing all bonuses
however, pressure continued to mount in the form of allegations that the chief executive was
aware of sexual harassment issues
at the company. Although he purportedly stated he would step down if he couldn't
fix the company's cultural issues
, the announcement that
Microsoft would be buying Activision Blizzard
left that deal uncertain, as it would eventually be
up to the new owners
if he would stay on board.
None of this has appeared to hurt Coca-Cola though, as the Journal notes its share price is up 25% over the last year, but that external pressure may have been a catalyst for his stepping down. It's also unlikely he'll miss the extra $340,003 on top of his regular earnings, or that it will affect his status with Activision Blizzard, where he continues to enjoy the full
support of its Board of Directors
, and is expected to remain at least
until the deal with Microsoft closes
, presumably sometime before the end of the fiscal year in June 2023.
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