It may be time for public companies to institute term limits on CEOs, at least in cases where the top dog doesn’t control the company they run. You wouldn’t think this would be necessary, given how frequently CEOs get fired. But every now and then we come across a situation like that of Activision Blizzard’s Bobby Kotick, who’s been in the job for 30 years. That has to break some kind of record for a CEO who now owns just 0.5% of the company.
Kotick’s days are likely numbered, given this damning Wall Street Journal account suggesting he knew more about serious sexual misconduct allegations against company staffers than he claimed and didn’t tell the board everything he knew. (The company responded that he had “acted upon” allegations brought to his attention.) Investors aren’t impressed. Including a 6% sell-off today, Activision’s stock has dropped 27% since July, when the state of California sued the company over its alleged “frat boy culture.”
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