Activision Blizzard has inked a new deal with its CEO, over the objections of some of the company's investors. The World of Warcraft and Call of Duty developer officially completed the deal with Bobby Kotick, which will keep him under contract through 2023.

Over the last few weeks, there has been a bit of a divide among Activision Blizzard shareholders. That divide even led to the vote on whether or not to officially give the long-time CEO a new contract for a week. The original vote was supposed to take place on June 14, but the company officially delayed the vote so that investors could review the deal and some changes to Kotick's contract.

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The delaying of the vote on Kotick's deal did eventually allow to acceptance, even if some of those involved still weren't happy with the terms. The final tally saw the CEO win the day, though with just a 54 percent majority. The deal involves base pay of $155 million, though that money was the biggest part of the rationale for why some investors voted against the new contract. A group of dissenters said that Kotick didn't deserve a new contract because Activision Blizzard hadn't dealt with problems that arose in recent years.

The dissenting investors also criticized the fact that Kotick's contract was so short. Those who voted against acceptance of the deal said there wasn't time to adjust that pay if something went wrong or he didn't live up to expectations. In response, Activision Blizzard said that the new contract reduces the maximum possible payout for one of Kotick's stock awards by 40 percent while increasing the amount of stock he had to purchase and also put a cap on several other bonuses.

Reuters pointed out that the vote on Kotick's pay stood out because when investors usually take this kind of vote, the margin isn't nearly as slim. Other companies that have similarly close votes tend to need to do more in order to make the dissenting voters feel more confident about the direction of the company.

Michael Varner, director of executive compensation research at CtW Investment Group - who led the charge against Kotick's new contract - said Activision Blizzard is going to have to "make further changes" because of the 46 percent of investors who were against the agreement. Varner added that the company would not be able to "rest on its laurels" and think that the changes its made so far would be enough to make everyone feel good about the issues at the center of the disagreement.

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Source: Reuters