Angry Birds Maker Rovio Cuts Boardroom Pay After Profit Warning - FbiCables Network | The News that Shapes World Opinion

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Tuesday, March 27, 2018

Angry Birds Maker Rovio Cuts Boardroom Pay After Profit Warning


FILE PHOTO: A Rovio sign and a figure of an Angry Birds character are seen in front of Rovio's headquarters in Espoo
FILE PHOTO: A Rovio sign and a figure of an Angry Birds character are seen in front of Rovio's headquarters in Espoo, Finland March 2, 2018. REUTERS/Jussi Rosendahl
March 27, 2018
HELSINKI (Reuters) – “Angry Birds” maker Rovio <ROVIO.HE> proposed cutting the pay of its chairman and vice chairman following a drop in the Finnish mobile game studio’s market value amid tough competition in the game industry.
Rovio proposed cutting chairman Mika Ihamuotila’s pay to 9,500 euros ($11,845) per month from 12,000 euros, and 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.
Last month, Rovio’s stock nosedived 50 percent after the company said its sales could fall this year following 55 percent growth last year.
A week later, Rovio announced that its head of games Wilhelm Taht was leaving the company for personal reasons.
Rovio, which listed its shares in September, will hold its first annual general meeting on April 16.

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