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Shareholders Call For Activision Blizzard CEO Bobby Kotick To Resign

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Following yesterday’s report that Activision Blizzard CEO Bobby Kotick knew of sexual misconduct on the firm, together with situations of sexual assault and rape, a gaggle of shareholders have sent a letter calling for his resignation.

First noticed by the Washington Post, the group of shareholders, who maintain in whole 4.8 million shares, or just 0.6% of the company, despatched the strongly worded letter to Activision Blizzard’s board of administrators. “In contrast to past company statements,” reads the letter, “CEO Bobby Kotick was aware of many incidents of sexual harassment, sexual assault, and gender discrimination at Activision Blizzard, but failed either to ensure that the executives and managers responsible were terminated or to recognize and address the systematic nature of the company’s hostile workplace culture.”

Now Enjoying: Activision Workers Stage Walkout Following Bombshell Bobby Kotick Report | GS Information

The group is being led by the Strategic Organizing Heart (SOC) Funding Group, whose government director, Dieter Waizenegger, echoed the same message. “After the new revelations, it’s clear that the current leadership repeatedly failed to uphold a safe workplace–a basic function of their job,” mentioned Waizenegger in an interview with the Washington Publish. “Activision Blizzard needs a new CEO, board chair (Brian Kelly), and lead independent director (Robert Morgado) with the expertise, skill set, and conviction to truly change the company’s culture,” Waizenegger continued.

If Kotick does not resign and Kelly and Morgado do not step down from their positions by the top of this yr, the shareholder group has threatened that it’s going to not vote for the reelection of any present board members. Equally, the group desires the board to instantly have a assessment carried out by an “independent expert in corporate governance” to “determine how and why the board failed to address the company’s ‘frat boy’ culture, as well as a “refreshment” of the board to “improve variety and inclusion.” If Kotick remains in his position, the group is also demanding that his recent reduction in salary persists for five years and is renewed if “the said office targets should not met.”

This isn’t the first time SOC has taken aim at a big gaming company. When it was formerly known as The CtW Investment Group, Waizenegger targeted EA’s executives, saying that the company had “gone too far when it comes to government pay.” Waizenegger also criticized Kotick for his salary in 2020. In 2019, Kotick made more than $30 million working at Activision Blizzard.

Despite yesterday’s report and another walkout at Activision Blizzard that hinges on Kotick’s removal, the company’s board fell in behind the CEO yesterday. “The Board stays assured that Bobby Kotick appropriately addressed office points dropped at his consideration,” reads a message posted to Activision Blizzard’s investor site. Kotick himself is a member of Activision Blizzard’s board of administrators.

Activision Blizzard first came under scrutiny after the California Department of Fair Employment and Housing alleged in a lawsuit that the company had fostered a “frat boy” tradition through which sexual misconduct and gender discrimination are commonplace. Within the time since that lawsuit was filed, Blizzard’s president has stepped down and been changed, Bobby Kotick has come beneath investigation by the SEC, and a class-action lawsuit has been filed towards the corporate.

Following yesterday’s report that Activision Blizzard CEO Bobby Kotick knew of sexual misconduct on the firm, together with situations of sexual assault and rape, a gaggle of shareholders have sent a letter calling for his resignation.

First noticed by the Washington Post, the group of shareholders, who maintain in whole 4.8 million shares, or just 0.6% of the company, despatched the strongly worded letter to Activision Blizzard’s board of administrators. “In contrast to past company statements,” reads the letter, “CEO Bobby Kotick was aware of many incidents of sexual harassment, sexual assault, and gender discrimination at Activision Blizzard, but failed either to ensure that the executives and managers responsible were terminated or to recognize and address the systematic nature of the company’s hostile workplace culture.”

Now Enjoying: Activision Workers Stage Walkout Following Bombshell Bobby Kotick Report | GS Information

The group is being led by the Strategic Organizing Heart (SOC) Funding Group, whose government director, Dieter Waizenegger, echoed the same message. “After the new revelations, it’s clear that the current leadership repeatedly failed to uphold a safe workplace–a basic function of their job,” mentioned Waizenegger in an interview with the Washington Publish. “Activision Blizzard needs a new CEO, board chair (Brian Kelly), and lead independent director (Robert Morgado) with the expertise, skill set, and conviction to truly change the company’s culture,” Waizenegger continued.

If Kotick does not resign and Kelly and Morgado do not step down from their positions by the top of this yr, the shareholder group has threatened that it’s going to not vote for the reelection of any present board members. Equally, the group desires the board to instantly have a assessment carried out by an “independent expert in corporate governance” to “determine how and why the board failed to address the company’s ‘frat boy’ culture, as well as a “refreshment” of the board to “improve variety and inclusion.” If Kotick remains in his position, the group is also demanding that his recent reduction in salary persists for five years and is renewed if “the said office targets should not met.”

This isn’t the first time SOC has taken aim at a big gaming company. When it was formerly known as The CtW Investment Group, Waizenegger targeted EA’s executives, saying that the company had “gone too far when it comes to government pay.” Waizenegger also criticized Kotick for his salary in 2020. In 2019, Kotick made more than $30 million working at Activision Blizzard.

Despite yesterday’s report and another walkout at Activision Blizzard that hinges on Kotick’s removal, the company’s board fell in behind the CEO yesterday. “The Board stays assured that Bobby Kotick appropriately addressed office points dropped at his consideration,” reads a message posted to Activision Blizzard’s investor site. Kotick himself is a member of Activision Blizzard’s board of administrators.

Activision Blizzard first came under scrutiny after the California Department of Fair Employment and Housing alleged in a lawsuit that the company had fostered a “frat boy” tradition through which sexual misconduct and gender discrimination are commonplace. Within the time since that lawsuit was filed, Blizzard’s president has stepped down and been changed, Bobby Kotick has come beneath investigation by the SEC, and a class-action lawsuit has been filed towards the corporate.

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