CD Projekt Management

Management criteria checks 3/4

CD Projekt's CEO is Adam Badowski, appointed in Jan 2024, has a tenure of less than a year. total yearly compensation is PLN5.63M, comprised of 10.7% salary and 89.3% bonuses, including company stock and options. directly owns 0.69% of the company’s shares, worth €18.63M. The average tenure of the management team and the board of directors is 2.2 years and 2.9 years respectively.

Key information

Adam Badowski

Chief executive officer

zł5.6m

Total compensation

CEO salary percentage	10.7%
CEO tenure	less than a year
CEO ownership	0.7%
Management average tenure	2.2yrs
Board average tenure	2.9yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Adam Badowski's remuneration changed compared to CD Projekt's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 31 2023	zł6m	zł600k	zł481m
Sep 30 2023	n/a	n/a	zł425m
Jun 30 2023	n/a	n/a	zł320m
Mar 31 2023	n/a	n/a	zł348m
Dec 31 2022	zł6m	zł600k	zł346m
Sep 30 2022	n/a	n/a	zł299m
Jun 30 2022	n/a	n/a	zł218m
Mar 31 2022	n/a	n/a	zł245m
Dec 31 2021	zł3m	zł398k	zł209m
Sep 30 2021	n/a	n/a	zł1b
Jun 30 2021	n/a	n/a	zł1b
Mar 31 2021	n/a	n/a	zł1b
Dec 31 2020	zł17m	zł397k	zł1b
Sep 30 2020	n/a	n/a	zł279m
Jun 30 2020	n/a	n/a	zł271m
Mar 31 2020	n/a	n/a	zł250m
Dec 31 2019	zł3m	zł396k	zł175m
Sep 30 2019	n/a	n/a	zł108m
Jun 30 2019	n/a	n/a	zł108m
Mar 31 2019	n/a	n/a	zł104m
Dec 31 2018	zł2m	zł396k	zł109m
Sep 30 2018	n/a	n/a	zł114m
Jun 30 2018	n/a	n/a	zł134m
Mar 31 2018	n/a	n/a	zł178m
Dec 31 2017	zł4m	zł396k	zł200m

Compensation vs Market: Adam's total compensation ($USD1.40M) is below average for companies of similar size in the German market ($USD2.56M).

Compensation vs Earnings: Adam's compensation has been consistent with company performance over the past year.

CEO

Adam Badowski (48 yo)

less than a year

Tenure

zł5,633,000

Compensation

Mr. Adam Konrad Badowski served as Chief Creative Officer at CD Projekt S.A. since September 2023 until January 01, 2024 and serves as its Co-CEO since January 01, 2024. He served as Head of CD Projekt RED...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Marcin Iwinski	Co-Founder & Chairman of Supervisory Board	no data	zł480.00k	12.89% PLN 346.3m
Adam Badowski	Co-CEO & Member of the Management Board	less than a year	zł5.63m	0.69% PLN 18.6m
Michal Nowakowski	Co-CEO & Member of the Management Board	less than a year	zł5.63m	0.58% PLN 15.6m
Adam Kicinski	Chief Strategy Officer & Member of the Management Board	13.9yrs	zł5.63m	4.05% PLN 108.8m
Piotr Karwowski	Joint COO & Member of the Management Board	8.4yrs	zł5.57m	0.11% PLN 2.9m
Pawel Zawodny	Joint COO & Member of the Management Board	2.2yrs	zł3.12m	no data
Jeremiah Cohn	Chief Marketing Officer & Member of Management Board	2.2yrs	zł2.99m	no data
Maciej Nielubowicz	Secretary of the Supervisory Board & Member of Supervisory Board	6.5yrs	zł120.00k	0.000050% PLN 1.3k
Piotr Nielubowicz	CFO & Vice President of the Management Board	no data	zł5.63m	6.86% PLN 184.5m
Krystyna Cybulska	Chief Accountant	no data	no data	no data
Karolina Gnas	IR Director	no data	no data	no data

2.2yrs

Average Tenure

46yo

Average Age

Experienced Management: 7CD's management team is considered experienced (2.2 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Marcin Iwinski	Co-Founder & Chairman of Supervisory Board	1.3yrs	zł480.00k	12.89% PLN 346.3m
Maciej Nielubowicz	Secretary of the Supervisory Board & Member of Supervisory Board	6.5yrs	zł120.00k	0.000050% PLN 1.3k
Lukasz Wejchert	Independent Member of Supervisory Board	2.9yrs	zł120.00k	no data
Katarzyna Szwarc	Deputy Chairwoman of the Supervisory Board	1.3yrs	zł180.00k	0.000010% PLN 268.8
Michal Bien	Independent Member of Supervisory Board	7.9yrs	zł120.00k	no data

2.9yrs

Average Tenure

49yo

Average Age

Experienced Board: 7CD's board of directors are not considered experienced ( 2.9 years average tenure), which suggests a new board.

CD Projekt Management

Management criteria checks 3/4

Key information

Recent management updates

CD Projekt S.A., Annual General Meeting, Jun 06, 2023

CD Projekt S.A. Announces Resignation of Deputy CEO Marcin Iwinski, Effective December 31, 2022

CD Projekt S.A., Annual General Meeting, Jun 28, 2022

Recent updates

Dividend of zł1.00 announced

CD Projekt Recommends Dividend for 2023, Payable on June 27, 2024

CD Projekt S.A. to Report First Half, 2024 Results on Aug 28, 2024

CD Projekt Releases Final, Ultimate Version of Cyberpunk 2077, Both in Boxed and Digital Form

Third quarter 2023 earnings released: EPS: zł2.03 (vs zł0.98 in 3Q 2022)

CD Projekt Receives Final Settlement Approval in US Class Action Lawsuit

CD Projekt to Lay Off 9% of Staff of Unit CD Projekt Red

New major risk - Revenue and earnings growth

New minor risk - Share price stability

Investor sentiment improves as stock rises 20%

CD Projekt S.A. Games to Release Cyberpunk 2077's Expansion Phantom Liberty on September 26

Upcoming dividend of zł1.00 per share at 0.8% yield

First quarter 2023 earnings released: EPS: zł0.70 (vs zł0.68 in 1Q 2022)

CD Projekt S.A., Annual General Meeting, Jun 06, 2023

Investor sentiment deteriorates as stock falls 15%

the Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of CD Projekt S.A

CD Projekt S.A. to Report Fiscal Year 2022 Results on Mar 30, 2023

Third quarter 2022 earnings released: EPS: zł0.98 (vs zł0.16 in 3Q 2021)

Investor sentiment improved over the past week

CD Projekt S.A. Announces Resignation of Deputy CEO Marcin Iwinski, Effective December 31, 2022

Investor sentiment improved over the past week

CD Projekt S.A.(WSE:CDR) dropped from FTSE All-World Index (USD)

CD Projekt S.A. Approves Dividend for the Year 2021, Payable on July 12, 2022

Upcoming dividend of zł1.00 per share

Investor sentiment deteriorated over the past week

CD Projekt S.A., Annual General Meeting, Jun 28, 2022

First quarter 2022 earnings released: EPS: zł0.68 (vs zł0.32 in 1Q 2021)

Investor sentiment deteriorated over the past week

Full year 2021 earnings released: EPS: zł2.07 (vs zł11.97 in FY 2020)

CD Projekt Games Signs Formal Settlement Agreement in US Class Action Suit

CD Projekt Agrees to Pay USD 1.85 Million in Settlement in US Class Action Suit

CD Projekt Games Starts Settlement Talks in US Class Action Suit

Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint

Second quarter 2021 earnings released: EPS zł0.72 (vs zł0.57 in 2Q 2020)

CD Projekt to Release Its Mobile Game the Witcher: Monster Slayer

First quarter 2021 earnings released: EPS zł0.32 (vs zł0.96 in 1Q 2020)

Upcoming dividend of zł5.00 per share

CD Projekt Updates Class Action

Full year 2020 earnings released: EPS zł11.97 (vs zł1.82 in FY 2019)

CD Projekt S.A. Provides Earnings Guidance for the Year 2020

Investor sentiment deteriorated over the past week

New 90-day low: €50.92

CD Projekt S.A. to Report Fiscal Year 2020 Final Results on Apr 19, 2021

Pawar Law Group Announces Deadline in Securities Class Action Lawsuit Against CD Projekt S.A

CD Projekt S.A. to Report Q3, 2021 Results on Nov 25, 2021

CD Projekt Releases Major Patch for Cyberpunk 2077 Game But First Reviewers Underwhelmed

CD Projekt Games to Release First Cyberpunk 2077 Update in Ca. 10 Days

Bragar Eagel & Squire, P.C. Reminds Investors Class Action Lawsuits a File Against Triterras, Restaurant Brands International, CD Projekt, and SolarWinds and Encourages Investors to Contact the Firm

Wolf Haldenstein Adler Freeman & Herz LLP Announces Class Action Lawsuit Against Cd Projekt S.A

New 90-day low: €57.04

Rosen Law Firm Files Securities Class Action Lawsuit Against CD Projekt S.A

CD Projekt S.A. Gaming Suffers Removal of Cyberpunkt 2077 from Play Station Store

New 90-day low: €68.34

Revenue misses expectations

Third quarter 2020 earnings released: EPS zł0.24

CD Projekt Delays Cyberpunk 2077 Release to December 10

New 90-day low: €82.52

CD Projekt Games to Launch Cyberpunk 2077 on Google Stadia

CD Projekt Starts Manufacturing Cyberpunk 2077 for Microsoft Xbox & Sony Playstation

CD Projekt S.A. to Report First Half, 2020 Results on Sep 03, 2020

First half earnings released

New 90-day high - €99.68

New 90-day high - €96.96

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team

Average Tenure

Average Age

Board Members

Average Tenure