Ubisoft CEO Yves Guillemot forgoes some pay as company misses financial targets

Ubisoft CEO Yves Guillemot's annual compensation will be reduced by around a third during the coming year.

As reported by Axios, the reduction was laid out in a company filing and will see the long-serving Ubisoft boss forgo a payment of roughly $327,000.

That means Guillemot's annual compensation for the next 12 months will be reduced to approximately $656,000, although that doesn't include stock awards that will be handed out after 2023.

A Ubisoft spokesperson said the reduction is the result of a "personal decision" made by Guillemot, which he took because the Assassin's Creed publisher failed to reach the financial targets it had publicly communicated to the markets.

Over the past year, Ubisoft's operating profit declined by 14 percent while net bookings fell by 5 percent.

The company is also seemingly struggling to retain employees, with an Axios report published in December last year suggesting the publisher is dealing with an "exodus" of developers. 

That comes after numerous reports and allegations from current and former staff indicated Ubisoft has cultivated a workplace culture where misconduct and harassment are endemic.