The bosses of Abri Advisors wrote to the board CD Project a letter expressing on behalf of all shareholders “complete horror and disbelief at the development of the situation in the company over the last 12 months,” reports Bloomberg.
Jeffrey Tirman, CEO of Abri Advisors, quoted in the message, strongly criticizes the management board of CD Projekt. “I don’t think you can deliberately try to make as many mistakes as these guys did,” he said, adding that “it’s really shocking.”
Motion for the resignation of the management board of CD Projekt
Since Cyberpunk’s debut, studio shares have lost 57% of their value, which means a loss of PLN 22.6 billion (USD 6.2 billion) – writes Bloomberg. Therefore, the head of Abri Advisors will persuade other shareholders to replace the supervisory board if President Adam Kiciński and his deputy Marcin Iwiński are not dismissed immediately.
Tirman also wants to know what is the publisher’s board plan “Cyberpunk 2077“to rebuild its position. – I would like the company to make a public plan on how it intends to address all shortcomings and how it plans, strategically, to repair its brand and the trust that has been lost in customers and shareholders said the CEO of Abri Advisors, quoted by Bloomberg.
Since November 2010, the president of CD Projekt has been Adam Kiciński, the vice-presidents – Marcin Iwiński (since the beginning of 2010) and Piotr Nielubowicz (since mid-2011), and the management board also includes Michał Nowakowski (since autumn 2010) and Piotr Karwowski (since autumn 2015 year).
Problems with “Cyberpunk 2077” on consoles
In the report for 2020, CD Projekt did not specify the sales of the game “Cyberpunk 2077” in the last quarter. – We usually communicate the number of copies sold at specific milestones that we can announce. In this quarter, we reported revenues broken down by segments and showed CD Projekt RED how much revenue was “Cyberpunk”. Nearly 60 percent of revenues from the sale of products is “Cyberpunk”. Most of the sales came from digital distribution on the PC – said Piotr Nielubowicz, vice president of CD Projekt for financial affairs.
– Lower than usual net profitability is the result of, among others continuation of the depreciation of the production costs of “Cyberpunk 2077”, work on updates to the game and ongoing research work related to subsequent projects. Expenses for them are included directly in the costs of the current period and are not capitalized – explained Piotr Nielubowicz.
December 18 Sony withdrew “Cyberpunk 2077” from its Playstation Store and offered a refund to all customers who had already purchased the game. The decision is related to a large number of bugs in its first version for PlayStation 4. It is still unclear when the game may return to the Playstation Store.
CD Projekt will pay PLN 504 million in dividends
CD Projekt to pay PLN 503.69 million in dividends from last year’s profit at the beginning of June, PLN 5 per share. The company expects that the final shape of the class action in the US regarding the announcements published by it before the release of the game “Cyberpunk 2077” will be known at the end of June.
W ub.r. Six members of the CD Projekt management board earned PLN 20.29 million, and from last year’s profit they are to receive PLN 106.2 million. The company increased the number of employees by almost 100, and spent a total of PLN 240.67 million on salaries.
The largest shareholders of CD Projekt are Marcin Iwiński (shares representing 12.06% of the capital), former manager Michał Kiciński (9.93%) and Piotr Nielubowicz (6.09%).
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