GoPro Inc (Nasdaq:GPRO) announced that the company’s Board has cut CEO Nick Woodman’s salary to $1.
Source: GoPro Camera
Woodman became the highest-paid CEO in the US in 2014 when his company is thriving, having received his shares for $285 million when the manufacturer of the camera first went public. However, in 2018, he will receive no more than $1 After the company’s Board cut his salary and eliminate his bonus.
According GoPro in the annual report, which was released on Thursday, the woodcutter missed a $1.2 million bonus in 2017 due to the company having a bad year, which included the rapture, the feast of the sales, staff reductions, and the company withdrawal from the camera of the drone market.
In 2017, the volume of the chamber manufacturer unchanged compared to the same quarter of the previous year to 1.18 billion dollars in sales, but the holiday period was difficult as in December quarter saw sales drop 38% yoy. Net losses of the GoPro for the year increased by 56% year-on-year to 182.9 million.
“On the basis of consideration of overall corporate performance, as well as evaluating our CEO’s individual performance in relation to our business results and financial problems in 2017, the compensation and leadership Committee did not feel the overall performance objectives have been achieved and to approve the bonus payment to Mr. Woodman,” GoPro said in the Council on Thursday of a power of attorney filing.
GPRO shares fell 1.2% on Friday.