Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
As previously disclosed, on October 3, 2018 Michael Morhaime entered into an agreement with Activision Blizzard, Inc. (the “Company”) pursuant to which he would provide strategic advice to the Company in an advisory capacity. Mr. Morhaime’s employment with the Company as a strategic advisor will conclude on April 7, 2019.
Publicly traded corporations must make such filings with the commission when there is material information which could impact the stock (ATVI dropped 7% in after market trading after this news was released).
One can speculate for days on end as to why Morhaime has decided to end this really short stint as an advisor (in light of the Blizzard Entertainment not having had the best 3 months post BlizzCon 2018) but only he knows the full reasons for stepping down when he did as CEO (just a month before BlizzCon) and now, terminating his employment relationship with the company completely less than 6 months later.
Hopefully when some time has passed (and likely will happen once the actual physical manifestations of changes can be seen with how Blizzard Entertainment operates), Morhaime will offer more candid insights on what is now clearly an end of an era for the company.
