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The decision was made because of the company's financial situation.
Ubisoft CEO Yves Guillemot decided to forgo payment of about €310,607 (approximately $327,000), which is about a third of his annual compensation. This decision will reduce his compensation for the next year to €624,824 (approximately $656,000).
"This is a personal decision by Yves Guillemot, which he took considering that the company had not reached the financial targets that it had publicly communicated to the markets," a Ubisoft representative told Axios.
Part of the reason behind the cut is the company's financial performance in recent years, which is partly tied to Ubisoft's misconduct issues. Failing to meet the financial targets would lower Guillemot's pay anyway, even if he hadn't decided to do it himself.
Ubisoft's profit dropped 14% in the past year, while its sales dropped 5% and its stock has lost half its value.
This is not the first time a CEO of a gaming company has cut their payments. In 2011 and 2014, Nintendo’s CEO Satoru Iwata reduced his salary by 50% due to poor sales. Last year, Activision Blizzard CEO Bobby Kotick agreed to a halved salary and bonuses to help the company in the wake of the sexual misconduct and discrimination allegations.
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