EA CEO Receives $38 Million Compensation Amid Staff Layoffs
Electronic Arts (EA) laid off employees at four game studios as part of a "reorganization," while CEO Andrew Wilson's annual compensation package jumped by $8 million compared to the previous year.
The CEO of video game manufacturer Electronic Arts (EA), Andrew Wilson, received a compensation package of $38 million for his annual remuneration, as revealed in financial reports published by the company this week. According to the filings, other senior executives also received raises amounting to millions of dollars. This comes despite the fact that the company cut jobs at four different studios just three months ago.
EA, which produced some of the best-selling video games in history such as FIFA and The Sims, was acquired this year in a massive deal by private equity firm Silver Lake Partners, the sovereign investment fund of Saudi Arabia, and the Affinity fund for $55 billion. This represents the most expensive leveraged buyout in history, an acquisition where the buyer relies primarily on loans and bonds rather than private capital.
According to the report filed by EA with the US Securities and Exchange Commission (SEC), Wilson's compensation package for the last fiscal year increased by $8 million, a sum that includes bonuses and stock options. The report further notes that the ratio between Wilson's compensation and the median annual compensation of an EA employee, which stood at $126,612, is 305 to 1.
Other executive compensation packages include:
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EA President Laura Miele: $13.7 million
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CFO Stuart Canfield: $11.3 million
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Chief Legal Officer Jake Schatz: $8.4 million
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Chief People Officer Mala Singh: $8.3 million
Similar to Wilson's package, these amounts include bonuses and stock options. The reports stated that the company's success was driven by the implementation of its artificial intelligence strategy and the financial performance of Battlefield 6, which were defined as key achievements. Despite this success, EA fired employees at all four studios that make up Battlefield Studios, citing a "reorganization." Recently, Miele stated that the use of artificial intelligence within the company led to a "real increase in creativity" among developers who adopted the technology.
