Activision exec gets raise to $1.25 million, bonuses of millions more
COO Thomas Tippl eligible for annual bonus of $1.875 million and stock valued at $6 million, plus $2 million from bonus previously awarded to him.
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Activision Blizzard chief operating officer Thomas Tippl has gotten a raise. SEC documents from the Call of Duty publisher filed last week reveal that as part of a contract extension, Tippl's annual base salary has risen to $1.25 million from $885,000 when he was originally promoted to COO in 2010.
"Mr. Tippl has demonstrated excellence in his role as Chief Operating Officer, successfully overseeing Activision Publishing’s and Blizzard Entertainment’s operational activities, as well as the Company’s Strategic Planning, Global Sales and Supply Chain, Legal, and Human Resources departments," Activision said.
Tippl stands to make much more than $1.25 million per year.
His new arrangement makes him eligible for an annual bonus with a target amount of 150 percent of his base salary, or $1.875 million. On top of this, Tippl will receive a full payment of the remaining $2 million portion of the discretionary bonus awarded to him in March 2013 on or before January 30, 2014.
Thirdly, Tippl will receive $6 million worth of Activision Blizzard shares on February 10, as well as three separate performance-vesting share units. These units, valued at millions of dollars each, are contingent upon Activision Blizzard meeting or exceeding non-GAAP earnings per share objectives.
Tippl's amended arrangement with Activision now sees his contract expire at the end of April 2016, rather than April 2014. The new agreement also eliminates Activision Blizzard's right to terminate Tipply in the case of "performance deficiency," though the company still has the option to fire him for "cause."
Tippl joined Activision as CFO of Activision Publishing in October 2005 and has held a number of executive positions at the company. Before joining Activision, he worked as head of investor relations and shareholder services at The Procter & Gamble Company. He has a master's degree in economics and social sciences from the Vienna University of Economics and Business Administration.