March 27, 2018 / 7:29 AM / 6 months ago

'Angry Birds' maker Rovio cuts boardroom pay after profit warning

HELSINKI (Reuters) - “Angry Birds” maker Rovio proposed cutting the pay of its chairman and vice chairman following a drop in the Finnish mobile game studio’s market value and a media stir over boardroom compensation.

FILE PHOTO: A Rovio sign and a figure of an Angry Birds character are seen in front of Rovio's headquarters in Espoo, Finland March 2, 2018. REUTERS/Jussi Rosendahl

Rovio proposed cutting chairman Mika Ihamuotila’s pay to 9,500 euros ($11,845) per month from 12,000 euros and the remuneration for vice chairman and Rovio’s main owner, Kaj Hed, to 7,500 euros a month from 10,000 euros.

The pay of other board members would stay at 5,000 euros per month.

Having listed its shares in September, Rovio saw the stock nosedive 50 percent last month as the company said its sales could fall this year after 55 percent growth in 2017.

Rovio cited tough competition in the game industry that also translated into high marketing costs. A week later, the company said its head of games Wilhelm Taht would leave Rovio immediately for personal reasons.

Kauppalehti business daily this month raised eyebrows by noting that Rovio’s original proposal for the chairman’s pay exceeded that of many larger Finnish companies including engineering company Wartsila, which has a market value of 10.4 billion euros compared to 380 million euros of Rovio.

Rovio will hold its first annual general meeting on April 16.

($1 = 0.8020 euros)

Reporting by Jussi Rosendahl; Editing by Matthew Mpoke Bigg

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