‘Angry Birds’ maker Rovio cuts boardroom pay after profit warning

Angry Birds characters Bomb, Chuck and Red. Having listed its shares in September, ‘Angry Birds’ maker Rovio saw its stock nosedive by 50 percent last month. (Reuters)
Updated 27 March 2018

‘Angry Birds’ maker Rovio cuts boardroom pay after profit warning

HELSINKI: “Angry Birds” maker Rovio proposed cutting the pay of its chairman and vice chairman following a drop in the Finnish mobile game studio’s market value and a media stir over boardroom compensation.
Rovio proposed cutting chairman Mika Ihamuotila’s pay to €9,500 ($11,845) per month from €12,000 and the remuneration for vice chairman and Rovio’s main owner, Kaj Hed, to €7,500 a month from €10,000.
The pay of other board members would stay at €5,000 per month.
Having listed its shares in September, Rovio saw the stock nosedive 50 percent last month as the company said its sales could fall this year after 55 percent growth in 2017.
Rovio cited tough competition in the game industry that also translated into high marketing costs. A week later, the company said its head of games Wilhelm Taht would leave Rovio immediately for personal reasons.
Kauppalehti business daily this month raised eyebrows by noting that Rovio’s original proposal for the chairman’s pay exceeded that of many larger Finnish companies including engineering company Wartsila, which has a market value of €10.4 billion compared to €380 million of Rovio.
Rovio will hold its first annual general meeting on April 16.


Getting more women into leadership positions top priority: CEO

This June 23, 2018 photo, shows a general view of Riyadh, Saudi Arabia. (AP)
Updated 18 January 2020

Getting more women into leadership positions top priority: CEO

  • Saudi Arabia is focusing on the Business 20 (B20), making this one of the key engagement groups. Women in Business will be Saudi Arabia’s signature topic

RIYADH: The boss of one of Saudi Arabia’s biggest banks says that getting more women into leadership positions is a top priority.
Samba CEO Rania Nashar chairs the action council for Women in Business created by the Business Twenty (B20), which is the official G20 dialogue with the business community. It represents the global business community across all G20 member states and all economic sectors.
She said the council was set up to boost women’s particpation not only in business but also in global leadership positions.
During the launch of the B20 in Saudi Arabia this week, Nashar highlighted the under-representation of women in the economy.
“There is a gap of 27 percent between male and female workers; 75 percent of males are part of the labor force while only 48 percent of females are working,” she said.
She said it was important not to just talk about women as workers but as business owners.

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Saudi Arabia will host the 15th G20 Summit in Riyadh on Nov. 21-22, 2020.

“That’s why entrepreneurship is very fundamental to our task force,” she said.  “The majority of the finance development programs have incentives for giving loans to females; however, despite the fact that many large borrowers are females, the amount of loans granted to them is far below what is granted to males,” she added.
Nashar said that two-thirds of female business founders feel that they were not taken seriously by investors when they pitch for investments. They also feel that they are treated differently from their male counterparts.
Saudi Arabia will host the 15th G20 Summit in Riyadh on Nov. 21-22, 2020. The Kingdom is focusing on the Business 20 (B20), making this one of the key engagement groups. Women in Business will be Saudi Arabia’s signature topic.