Games Workshop’s CEO just got $2.8M in stock at bargain prices while hobbyists face FOMO, paywalls, and empty shelves.
Games Workshop’s CEO, Kevin Rountree, just got handed 14,178 shares at an option price of 5 pence each. That’s about $1.28 per share, on paper.
On the stock market? Those shares are worth roughly $200 a pop. Do the math, and it’s a cool $2.8 million for basically couch-cushion change.
While it’s not technically “free,” it’s hard not to side-eye that kind of award. And it’s not the first time, either.
However, the real story may be that could be shareholders are up in arms about it, and that Roundtree may actually be underpaid himself as well.
Last year, a large number of shareholders weren’t thrilled with the board’s pay structure. A big chunk voted against the share awards plan and remuneration policy.
But guess what came right after the backlash last fall? Surprise! A massive payout to shareholders just a month later. We think that’s pretty convenient timing, to be fair…
Then, the same thing happened again this May: two-thirds voted against the awards for 2025, and about 30% rejected the pay policy altogether.
Just under two months later, on July 4th, Rountree received a stock award.
Sure, there’s some fine print about vesting periods, but don’t let that distract from the main story. This isn’t your typical bonus. This is millions of dollars’ worth of shares handed out at clearance-bin prices.
GW’s CEO May Actually Be Underpaid?
According to The Times, Rountree is pulling in £1.8 million a year, which sounds pretty great… until you stack it up against other FTSE 100 CEOs. The average there? £4.2 million.
And Games Workshop’s performance has been solid enough to land them in that club.
So some might argue he’s actually underpaid. Maybe that’s what the shareholders who agreed to this Share Awards plan think, too. Or maybe they just want another big dividend payout.
Boardroom Gains vs Hobby Pain
From a business perspective, growth, profits, and returns are doing fine, sure. But for those of us on the ground floor of the hobby? It’s been rough.
We’re talking:
- Out-of-stock kits for months
- Paywalled rules content
- Constant FOMO releases
- Retired models with no warning
- Plastic prices heading into boutique territory
While Games Workshop’s boardroom celebrates big wins, the rest of us are still waiting for restocks and wondering why our favorite unit just vanished from shelves.
Our Financial Analyst Weighs In
Here at Spikey Bits, our financial analyst looked over everything and had this to say about it:
“This award is wild. Normally, shares are granted as part of a compensation plan. The board votes, not the shareholders. And a 5p option? That’s absurd. There’s probably an acceleration clause too; so if he’s fired or the company’s sold, those shares vest immediately. This is exactly what all those stock shortages and expense cuts are funding. CEO option packages.”
TL;DR: Profits Over Players
Good for Games Workshop. Good for Rountree. Making it to the FTSE 100 is no small feat. But the whole situation leaves a weird taste, especially when it feels like we’re paying more and getting less.
If this is the cost of “success,” it’s coming out of our hobby time and wallets. Maybe next time the board cuts a multi-million dollar bonus, they could toss in a restock of Emperor’s Children while they’re at it.
GW’s CEO Says They Will Continue To Sell Out
