Rovio top managers will have their salaries cut by 25%
The Finnish gaming firm Rovio plans to reduce monthly payments to the owner of the company Kai Hed and vice-chairman Mika Ihamuotila. The decision was preceded by a drop in the value of shares and a deterioration in the revenue forecast this year.
Head’s salary will decrease from €10 thousand to €7.5 thousand, and Ihamuotila will receive not €12 thousand, but €9.5 thousand per month. Payments to other members of the Board of Directors will remain at the same level of €5 thousand.
Last year, Rovio earned €297.2 million, while the games generated €248 million. In 2018, the projected revenue of the companies will be from €260 million to €300 million.
Despite this, Rovio shareholders and investors are disappointed with the performance of the company’s last three games: Angry Birds Match, Angry Birds Evolution and Battle Bay.
Against the background of these events, Rovio shares fell almost twice on the stock exchange. Soon the head of the gaming direction Wilhelm Taht left the company, and a little later the management decided to liquidate the London office of Rovio, which had worked for only a year.
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