Activision Blizzard Makes A Surprising Decision About Bobby Kotick
Activision Blizzard continues to surprise fans with the ways in which the company handles the lawsuits and allegations of widespread harassment and toxicity in its workplace. This time, according to an official release from the company, the shareholders of Activision Blizzard have voted to keep Bobby Kotick in his position on the board of directors and as CEO. This comes after multiple reports of misconduct and shady practices about Kotick have been released, including his alleged plan to buy media outlets in order to generate positive press about himself and Activision Blizzard.
This vote means that Kotick will remain in his position for the next year, unless he is removed or resigns. Considering the fact that Microsoft's purchase of Activision Blizzard is set to close before the end of June 2023, it's possible that Kotick could end up leaving before a full year is completed.
This vote came just a week after the board released the results of its own internal investigations, in which Activision Blizzard determined that there was no wrongdoing on its own part. And with Bobby Kotick staying on, the CEO can look forward to yet another lucrative year.
Bobby Kotick and Activision Blizzard's shareholders have a profitable year ahead
Despite the overwhelming amount of negative press and lawsuits that Activision Blizzard has endured under Kotick's leadership, the shareholders and Kotick stand to continue making a great deal of money. Even with the company's many issues and the fact that Blizzard isn't releasing big hitters like "Overwatch 2" and "Diablo 4" yet, the company is still raking in large profits, even as recently as its financial report in April.
As it stands, Microsoft will be buying the company at $95 per share, about $20 higher than its current price (via Yahoo), which means a decent payday for the shareholders. Considering that post-merger Kotick stands to make nearly half a billion dollars in stocks and bonuses, the shareholders may be letting him finish out his time as CEO before Microsoft takes over.
Shareholders did not have to explain their votes, so it likely won't ever be known for sure why they ultimately decided to keep Kotick around. As for Microsoft's plans post-acquisition, the company cannot publicly discuss what it will do until the deal is finalized. Many are still hoping that it means Kotick and other executives will be given the boot, but only time will tell.