EIDOS AWARDS SHARE OFFER TO CHIEF EXEC
Copyright 2003 www.tombraiderchronicles.com

[ October 12th 2003 ]

Eidos Interactive has awarded 168,000 worth of company shares to Chief Executive Michael McGarvey that will automatically mature if he stays with the company for a further three years, Associated Newspapers reports today. The deal, brokered last September, is unusual because it's not performance related. According to Eidos Interactive, the grant was make in order "to ensure the continued retention" of Mike McGarvey, even though Lara Croft Tomb Raider: The Angel Of Darkness missing out on the capitalization of the robust Christmas trading period due to development delays which adversely effected the company's share price.

Earlier this year, Development Director Jeremy Heath-Smith was paid almost 1 million in royalties prior to leaving Eidos Interactive, a move many analysts claim endorsed the company's blame for the delayed release of The Angel of Darkness. Although Heath-Smith received a one-time pay-off of 236,000, he waived his right to future royalty payments from The Angel Of Darkness, AN reports.

Core Design co-founders Jeremy Heath-Smith and Adrian Heath-Smith are rumoured to front a new UK development studio along with key personal from Core Design following the recent debacle surrounding the release of Lara Croft Tomb Raider: The Angel Of Darkness and the subsequent controversial decision by publishers Eidos Interactive to port development to U.S. based studio Crystal Dynamics. The payments are expected to be queried at the company's annual shareholders meeting next month.

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