The action-camera maker slashed Woodman's cash compensation for this year to $1, according to a regulatory filing Monday, when San Mateo, California-based GoPro trimmed its fourth-quarter revenue forecast and announced it will cut more than 20 per cent of its workforce.
Woodman, 42, rocketed to the top of the Bloomberg Pay Index, a ranking of the highest-paid US executives, as GoPro shares soared after its initial public offering, boosting the value of his 2014 equity grant. His annual compensation since then included an $800,000 salary and $1.2 million target bonus.
Woodman's 2014 pay totaled $287.2 million, according to the Bloomberg index, which values equity awards as of each company's fiscal year-end. He didn't get a bonus for 2015 and received a $300,000 payout in 2016. GoPro has yet to report executive-compensation figures for 2017.
GoPro has faced stiff competition from bigger and better funded tech rivals such as Samsung Electronics and Google, which have begun selling similar products. The latest job cuts will reduce GoPro's workforce to less than 1,000, down from about 1,500 at the end of 2016.
Shares of GoPro tumbled 21 per cent to $5.94 at 11:30 a.m. in New York and earlier fell as low as $5.04, the most since the IPO.
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