Activision CEO Bobby Kotick was reported to have made $64.9 million in 2012 making him among the highest paid CEOs in the US. In 2011, he earned $8.3 million. Kotick’s boost in earnings is due to a new employment agreement which gives the CEO stock awards valued at $55.9 million which will stretch over his five-year contract.

Kotick’s $64.9 million earning will cover five years while he is acting CEO. Aside from that, he can also earn an addition $16 million if he meets the “highest performance targets.”

His new employment agreement and boost in earnings makes him the second highest paid CEO in the US for 2012. The highest paid CEO of last year was Oracle Corp founder Larry Ellison who earned $96.2 million.

GMI Ratings corporate-governance consultant Neil Minow told Bloomberg that Kotick’s salary is too high and there wasn’t any clear information how it pay was agreed on.

“We don’t like any element of this pay package,” said Minow. “In the past we have expressed concern about this company and its compensation practices. The lack of information provided by the compensation committee is a red flag. It’s very difficult to discern how they determined this compensation package from the information that’s been provided.”

Source: Bloomberg