Activision Blizzard CEO Bobby Kotick told employees that he is taking a pay cut, amid numerous allegations of a sexist and toxic workplace culture that have rocked the company. Kotick previously had a $155 million pay package approved by the company's board.
Kotick announced the change, which will reduce his salary to $62,500, in a letter to employees. The letter also said the company will waive "required arbitration of sexual harassment and discrimination claims" in response to employee feedback, and will "increase visibility on pay equity." Kotick also committed the company to increasing its percentage of women and non-binary employees by 50%, and said it will invest $250 million to help achieve that.
Activision Blizzard has been under fire for months after a lawsuit was filed alleging sexual harassment and discrimination at the company. Numerous senior executives have resigned, and the SEC opened an investigation into the company. The company's stock price has tumbled amid the crisis, falling over 16% since the start of July.