GoPro Board Slashes CEO Nick Woodman’s Salary to $1

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GoPro Inc (NASDAQ:GPRO) has announced that the company’s board has reduced CEO Nick Woodman’s salary to $1.

GoPro
Source: GoPro

Woodman was the highest paid CEO in the U.S. back in 2014 when his company was booming, garnering him a stock package worth $285 million when the camera maker first went public. However, in 2018, he will receive no more than $1 after the company board cut his salary and eliminated his bonuses.

According to GoPro’s annual report, which was released on Thursday, Woodman missed out on a potential $1.2 million bonus for 2017 due to the company having a poor year that included underwhelming holiday sales, a headcount reduction and the company withdrawing from the camera drone market.

In 2017, the camera maker’s revenue was flat compared to the year-ago quarter at $1.18 billion in sales, but the holiday period was a tough one as the December quarter saw sales fall by 38% year-over-year. GoPro’s net losses for the year were up by 56% year-over-year to $182.9 million.

“Based on its review of our overall corporate performance, and assessment of our Chief Executive Officer’s individual performance in relation to our business results and financial challenges for 2017, the compensation and leadership committee did not feel overall performance goals were met and did not approve a bonus payment for Mr. Woodman,” said GoPro’s board in Thursday’s proxy filing.

GPRO stock fell by 1.2% on Friday.


Article printed from InvestorPlace Media, https://investorplace.com/2018/04/gopro-inc-gpro-ceo-nick-woodman/.

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