The presidents of Abri Advisors wrote to the Board of Directors CD . project A letter expressing on behalf of all shareholders of “complete horror and disbelief at the evolution of the situation at the company over the past 12 months,” Bloomberg reports.
Jeffrey Terman, CEO of Abri Advisors, quoted from the letter, is highly critical of CD Projekt’s board of directors. “I don’t think you can intentionally try to make as many mistakes as these people have,” he said, adding, “It’s really shocking.”
CD Projekt Board Resignation Request
Since the debut of Cyberpunk, the studio’s shares have lost 57% of their value, which means a loss of 22.6 billion PLN (6.2 billion US dollars) – according to Bloomberg. Therefore, Abry’s chief adviser will persuade other shareholders to replace the supervisory board if President Adam Kisinski and Vice President Marcin Ewinsky are not fired immediately.
Terman also wants to know what the publisher’s board plan is.”Cyberpunk 2077 movieTo rebuild its position. I would like the company to make a general plan of how it intends to address all the shortcomings and how it plans, strategically, to repair its brand and the trust it has lost in customers and shareholders said the CEO of Abri Advisors, citing Bloomberg.
Since November 2010, the head of CD Projekt has been Adam Kiesinski, the vice-chairs – Marcin Iwiński (since the beginning of 2010) and Piotr Nielubowicz (since mid-2011), the board of directors also includes Michał Nowakowski (since autumn 2010 ) and Piotr Karwowski (since fall 2015 year).
Problems with “Cyberpunk 2077” on consoles
In its 2020 report, CD Projekt did not specify sales of the game “Cyberpunk 2077” in the last quarter. – We usually quote the number of copies sold in specific stages that we can announce. In the quarter, we reported revenue broken down by segments and showed on CD Projekt RED how much revenue was “Cyberpunk”. Approximately 60 percent of proceeds from the sale of “Cyberpunk” products. Most of the sales came from digital distribution on the PC – said Piotr Nielubowicz, CD Projekt’s vice president of finance.
– Lower-than-normal net profitability is the result of, among other things, continued devaluation of “Cyberpunk 2077” production costs, work on game updates, and ongoing research work related to subsequent projects. Their expenses are included directly in the costs of the current period and are not capitalized – explained Piotr Nielubowicz.
December 18 Sony Withdraw ‘Cyberpunk 2077’ from its Playstation Store and offer refunds to all customers who have already purchased the game. The resolution concerns a slew of bugs in its first version for the PlayStation 4. It remains unclear when the game might return to the Playstation Store.
CD Projekt will pay a dividend of 504 million PLN
CD Projekt will pay PLN 503.69 million in dividends from last year’s earnings at the beginning of June, PLN 5 per share. The company expects the final form of the class action lawsuit in the United States regarding the advertisements it published before the release of the game “Cyberpunk 2077” at the end of next June.
Wub.r. Six members of the Board of Directors of CD Projekt received PLN 20.29 million, and from last year’s profit they will receive PLN 106.2 million.. The company increased the number of employees by almost 100 employees, spending a total of 240.67 million PLN on salaries.
The largest shareholders in CD Projekt are Marcin Iwiński (shares representing 12.06% of the share capital), former director Michał Kiciński (9.93%) and Piotr Nielubowicz (6.09%).