Comments 7

Re: Thunderful Announces Restructuring That Will Affect Around 20% Of Workforce

IsaLC

For those that are curious about the salary of the ceo.

So looking at their financial report from 2022 it seemed like the previous ceo had a salary of 1 365 800 sek (130 000$-) but also 25 400sek in other compensation and a rather big payment towards their eventual pension at 537 200 sek. Previous ceo still got some money in 2022 (3 different CEOs in 2 year!) 456 500 sek all in all with salary and pensions.

Cfo and the chief strategy and investment officer had similar salaries.

Board members had a compensation between 250 000 sek and 550 000 sek.

Now I could check what their current ceo has gotten in income last year but he is rather new on the job so I don’t think it is worth the effort before their financial report.

The salaries are rather high but not anything close like some other companies. Would be interesting comparing to the salaries of the employees. I do not know specifics for thunderful but median game designer earns 46 800sek a month in Sweden and median game developer earns 46 1000 sek a month (excluding pension, insurance and other similar costs for the company). If we assume salaries are median the salary of the CEO is around 3x that of one game designer (removing pension and adding what the old ceo had in salary for 2022). Of course not everyone is a designer and many people in the company will have lower salary, senior positions will have higher and some studios are based in other countries with both lower and higher salaries.

Thinking they have less than 500 and majority are in Sweden. In Sweden an employee cost the company around 40-45% more than the salary (insurances, pension and more). 100 million sek cost cutting would have to be more than 20% of the workforce using previous salaries. But it makes sense as they would also have to rent less space and so on.

They are probably doing this so it looks better on the balance sheets for investors and the board as stock dropped almost 80% in 2022 and 93% since the top. Speculation but sometimes cost savings are more to meet some quota for a loan.

One of the board members owned almost 18 000 000 shares in 2022 (one of the founders of bergsala). Stock was at one point over 90sek but is now 4,7~sek (don’t think a Split happened). Most of the rest of the board members owns a couple thousand with one other owning over 100 000 (from 2022 annual report).

So I wouldn’t blame the ceo or their salary the most in this case (unlike Activision blizzard, that’s truly disgusting!) but investors losing money and overinvesting will cause 100~ people’s jobs to be affected