The latest SEC filing from publisher Activision Blizzard reveals that Thomas Tippl has resigned from his Chief Corporate Officer position and has been elected as the new Chief Operating Officer, which became effective on March 23. Tippl, who's been with Activision in executive roles since 2005, will now have an initial salary of $850,000 and that's just the start of his compensation.
The filing reveals further details on Tippl's salary and bonus structure. It notes that his salary "will be increased annually in an amount at least equal to the average percentage increase approved by the Compensation Committee of the Board of Directors" and he'll "be eligible to receive an annual bonus with a target amount of 120% of his base salary, the actual amount of which will be determined by the Compensation Committee in its sole discretion based on his overall performance and the Company’s performance."
Moreover, Tippl is being rewarded with stock options. The filing states that these options will vest every February from 2011 through 2014 and "even if the Company fails to meet an objective, the performance shares may vest in a subsequent year if the Company 'over-delivers' in that subsequent year by an amount at least sufficient to make up for the shortfall."
