Microsoft announced overnight that Peter Moore would be resigning his position as corporate vice president of the company's interactive entertainment business effective 30th July. Shortly thereafter, Electronic Arts announced that Moore had been hired as president of the EA Sports label.
Moore will be replaced at Microsoft by Don Mattrick, formerly president of Electronic Arts' worldwide studios, on July 30th. Mattrick had joined the company in February as an external advisor, GamesIndustry.biz reports.
"Peter has contributed enormously to the games business since joining Microsoft in 2003 and we are sad to see him go," said Microsoft's Robbie Bach. "Since that time, he presided over the global launch of the Xbox 360, spearheaded a revitalized and rebranded Games for Windows business, and helped steer the console's ascent."
According to documents filed with the Securities and Exchange Commission, Electronic Arts will be paying Peter Moore USD 1,500,000 in recognition of the compensation value he would be foregoing by leaving Microsoft.
"The people at EA Sports have created one of the strongest brands in the entertainment industry and John Riccitiello is building an organization which will extend the company's leadership to new platforms and new audiences all over the world," Moore said. "I couldn't be more excited about joining EA and moving my family back to the San Francisco Bay Area."
To move Moore and his family, EA is paying an estimated USD 333,000 to assist with relocation-related expenses. If Moore voluntarily leaves EA within the next two years, he has agreed to repay the USD 1.5 million bonus.
Mr. Moore's annual base salary will be USD 550,000, and his discretionary target bonus percentage will be 75 per cent of that salary. He has been granted stock options to purchase 350,000 shares of common stock, as well as 50,000 shares of restricted stock which vest as to 50 per cent of the shares in two years and the remaining 50 percent of the shares in four years.
Moore will also participate in the compensation and benefit programs generally available to EA's executive officers.
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