Mr. Woodman’s annual salary totaled $287.2 million in 2014, according to the Bloomberg Pay Index, which compiles an annual ranking of the highest-paid executives in the U.S. But a Jan. 8 Securities and Exchange Commission filing notes Mr. Woodman reportedly agreed to a new compensation package this year in which he would “receive a nominal salary of $1 and target 2018 cash bonus of zero for the year ended December 31, 2018.”
Mr. Woodman’s 2018 salary represents the largest drop in annual income he has received since the company’s initial public offering in 2014. Bloomberg reports Mr. Woodman did not receive a bonus in 2015 and received a $300,000 payout the following year. The company’s executive compensation figures for 2017 have not been released, the report states.
The declining compensation package pairs with the GoPro board of directors’ approval of a restructuring agreement Jan. 2 that will result in a “global reduction in force” of roughly 20 percent. Officials said they expect to incur aggregate charges of roughly $23 million to $33 million for the restructuring.
Shares of the company’s stock fell 6.9 percent to $7 just before 2 p.m. Monday, after reaching an all-time low of $5.04 per share earlier in the day. The price decrease came after reports suggested GoPro hired investment firm JPMorgan Chase to explore a potential sale of the company, according to CNBC.
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