ATVI outlines Doornink departure in SEC docs

Activision yesterday announced an additional shake-up to its executive ranks--a new CFO. But an arguably more significant change to the publisher's corporate suite also surfaced.

Following on the heels of June's hire of Michael Griffith, and the departure earlier this month of publishing president Kathy Vrabeck, comes news that Activision, Inc. president and chairman of Activision Publishing, Ron Doornink, will leave his post effective December 31, 2005.

The December date is a full 18 months before Doornink's existing employment contract was to have ended.

Starting January 1, 2006, and continuing through June, 2007, Doornink will remain on the company payroll and serve in an "executive advisory role and perform such other services as the Board or Company's management may reasonably request," according to the filing.

Doornink's salary will drop from its current $650,000 a year to $250,000 per annum on Jan. 1, '06, though he will remain eligible for his bonuses, as long as certain financial milestones are met. There are a number of varying exit strategies should the Activision board of directors choose to sever all ties before the end of his employment contract on March 31, 2007. In any case, he must abide by a two-year noncompete clause.

In news more widely broadcast to the industry yesterday, the Spider-Man publisher swapped out CFOs, replacing the outgoing William Chardavoyne, who will "leave the company to pursue other interests" according to a statement, with the incoming Thomas Tippl.

Tippl will report to Michael Griffith, the recently appointed president and chief executive officer of Activision Publishing, Inc. Both men come from the executive ranks of Proctor & Gamble.

One analyst said in a memo yesterday that the departures of Chardavoyne and Doornink are "a loss for Activision." The Street reacted to the news with little fanfare: In midsession trading today, Activision shares were up, but only by pennies.