Activision CEO Bobby Kotick will remain at the publisher for at least the next two years, but his role is about to be accompanied by a serious pay cut.

According to Kotick's latest employment extension agreement with the SEC (discovered by Wowhead), the Activision boss has agreed to reduce his base salary by 50% and cut his generous bonus by half as well. The agreement states that these changes were made to bring Kotick's salary in line with company goals, and that the new structure "reflects shareholder feedback, incorporates market best practices, and continues to directly link pay to performance."

Indeed, Kotick's pay has been particularly controversial in recent years. Last month, an investment group denounced a pay package in which the CEO would receive a bonus of approximately $200 million. A year earlier, the same group suggested that the typical Activision employee makes only one-third of what Kotick earns.

These earnings came across as particularly unfair after the mass layoffs at Activision Blizzard. After reporting a record year, the publisher laid off about 8% of its workforce and made about 500 employees redundant. More recently, Activision laid off about 50 esports personnel following its exit from live events.

These changes brought Kotick's salary from $1.75 million to $8.75 million. However, even with this reduction, the CEO is still eligible to receive a hefty bonus of up to 200% of his base salary (an additional $1.75 million). Kotick may have taken a pay cut, but he is very, very wealthy.