Two of Glu (NSDQ: GLUU) Mobile’s high-level executives have left the company, according to an SEC document, and the mobile game company says it has come up with a new formula for how executives will be awarded bonuses.
Alessandro Galvagni, the company’s SVP of Global Product Development and CTO, will leave Glu effective today, but will provide consulting services for a month. Galvagni will receive one month pay as severance as well as compensation for his consulting services. In addition, Thomas Perrault, the company’s VP of Global Human Resources, said he would be leaving the Company effective Thursday.
The same document said the executives’ bonuses are now tied to the company’s new goals, which include trying to create communities around their mobile games that could generate recurring revenue from in-game virtual goods purchases. It also down plays the importance of its feature phone business.
The bonus has six parts:
—20 percent is awarded based on achieving three key metrics in the persistent/freemium games category;
—20 percent is awarded for achieving two key metrics in the Studio category;
—10 percent is awarded for achieving the Feature Phone Business goal;
—10 percent is awarded for achieving the Building Customer Base goal.
—20 percent is awarded for achieving three key metrics in the Revenue and Gross Margin category;
—20 percent is awarded for achieving two key metrics in the Operating Margin, Cash and Liquidity category.
The plan went into affect April 8 and all bonuses will be paid no later than March 15, 2011.