As Sales Go From Bad To Worse GoPro Founder Salary Cut To $1

During GoPro’s hey days when the Company was valued at $1 billion, GoPro founder Nick Woodman was paid million, he even pocketed US$285 million when the Company was floated, now he has been stripped of bonuses and as for his salary that’s down to $1.

At one stage as the cash rolled in he was the highest paid chief executive in the US, now as consumer dump the over-priced GoPro camera in favour of cheaper and more feature focused outdoor cameras Woodman is on the outer after several disasters including an ill-fated attempt to get into the drone market.

In the latest Company report released overnight it’s been revealed that his board has slashed his salary and stripped him of his bonuses as sales at retailers such as Teds Camera’s, Harvey Norman and JB Hi Fi slump.

GoPro agreed a new pay deal with Mr Woodman in January that saw him receive a “nominal salary of $1 and no target 2018 cash bonus” for this year.

Globally sales have fallen by 38% for the last quarter to $1.18bn. Net losses for the year jumped by 56 per cent to $182.9m.

Directors in the Company said, “Based on its review of our overall corporate performance, and assessment of our Chief Executive Officer’s individual performance in relation to our business results and financial challenges for 2017, the compensation and leadership committee did not feel overall performance goals were met and did not approve a bonus payment for Mr Woodman.”

Recently GoPro hired advisors in an effort, to sell the Company but there were no takers.

Now the US Company is cutting more than 20 per cent of its headcount in a bid to reduce costs.

As sales slump the Company is now valued at $712m. Its shares have fallen by more than a third so far this year.

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David Richards

David Richards has been writing about technology for more than 30 years. A former Fleet Street journalist, he wrote the Award Winning Series on the Federated Ships Painters + Dockers Union for the Bulletin that led to a Royal Commission. He is also a Logie Winner for Outstanding Contribution To TV Journalism with a story called The Werribee Affair. In 1997, he built the largest Australian technology media company and prior to that the third largest PR company that became the foundation company for Ogilvy PR. Today he writes about technology and the impact on both business and consumers.