Electronic Arts has cut executive chairman Larry Probst's annual salary from $1.03 million to $515,000 effective October 1. The reduction in pay was a result of the recent appointment of Andrew Wilson to CEO, EA said in a federal government filing this week.
Though EA has cut Probst's salary in half, the board of directors continues to have the option to award Probst a one-time discretionary bonus with the amount to be determined by the board at the end of his tenure.
As part of the new arrangement, Probst will not receive further cash retainer fees for his role on the EA board of directors while performing duties in the role of executive chairman.
Probst was appointed to the position of EA executive chairman in March 2013 as part of John Riccitiello's departure from the company as its top executive. His $1.03 million compensation package was announced in the weeks after.
Probst has been in a leadership position at EA since 1991 and was CEO from 1991 to 2007. He is also the current executive chairman of the United States Olympic Committee and serves on the International Olympic Committee's International Relations Commission. Past positions include national sales manager at Activision and national accounts manager at Clorox.