EIDOS AWARDS SHARE
OFFER TO CHIEF EXEC
Copyright 2003 www.tombraiderchronicles.com
[ October 12th 2003 ]
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.
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.
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.