Laura Miele
ELECTRONIC ARTSAbout Laura Miele
Laura Miele, age 55, is President of EA Entertainment & Central Development, a role she has held since January 2025 after joining EA in March 1996 . She oversees development and production across EA’s Entertainment portfolio and central development services, with FY25 highlights including delivery of ~250 content updates, Sims milestones, and Battlefield Labs, while Apex Legends and Dragon Age did not meet targets . Company performance during FY25 included $7.463B total net revenue, $7.355B net bookings, $1.121B net income (diluted EPS $4.25), and $2.079B operating cash flow, alongside $2.7B capital returned to shareholders . Her FY25 individual performance modifier was 85%, and her actual cash bonus was $800,000, reflecting 91.1% company bonus pool funding .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Electronic Arts | President, EA Entertainment & Central Development | Jan 2025–present | Oversees development/production, central development services; focused execution on Sims, skate., Battlefield Labs; streamlined portfolio; Apex Legends and Dragon Age underperformed targets . |
| Electronic Arts | President, EA Entertainment, Technology & Central Development | Jun 2023–Jan 2025 | Led entertainment portfolio and technology orgs; transitioned technology duties in late FY25 to optimize central development . |
| Electronic Arts | Chief Operating Officer | Oct 2021–Jun 2023 | Enterprise leadership across operations and studios . |
| Electronic Arts | Chief Studios Officer | Apr 2018–Oct 2021 | Oversight of studio operations and content pipeline . |
| Electronic Arts | Executive roles in Global Publishing/Marketing | Prior years | Senior roles driving publishing/marketing strategy and execution . |
External Roles
- Not disclosed for Ms. Miele in EA’s FY25 proxy or 10-K. (Skip)
Fixed Compensation
Multi-year disclosed compensation (Summary Compensation Table):
| Metric (USD) | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Salary | $800,000 | $820,385 | $825,000 |
| Stock Awards (grant-date fair value) | $9,091,870 | $10,056,580 | $10,941,743 |
| Non-Equity Incentive Plan Compensation | $900,000 | $1,200,000 | $800,000 |
| All Other Compensation | $12,025 | $18,152 | $13,164 |
| Total | $10,803,895 | $12,095,117 | $12,579,907 |
FY25 base salary changes:
| Executive | FY25 Base Salary | % Change vs FY24 |
|---|---|---|
| Laura Miele | $825,000 | 0% |
FY25 “All Other Compensation” detail:
| Item | Amount |
|---|---|
| Insurance premiums | $1,199 |
| 401(k) matching contributions | $10,350 |
| Other (tax reimbursements re: in-kind gifts) | $1,615 |
| Total | $13,164 |
Performance Compensation
Annual bonus structure and FY25 outcomes:
| Component | Target/Weighting | FY25 Actual/Outcome | Notes |
|---|---|---|---|
| Target bonus % of salary | 125% | — | Approved by Compensation Committee (no increase vs FY24) . |
| Company bonus pool funding | — | 91.1% | Based on financial and business performance weighting (for Ms. Miele, 60% financial, 40% business) . |
| Individual Performance Modifier (IPM) | — | 85% | Reflects specific achievements and underperformance areas . |
| Actual bonus | — | $800,000 | Derived under Executive Bonus Plan formula . |
Bonus program mechanics and weighting:
- For Ms. Miele, annual bonus weighting: 60% financial (non-GAAP net revenue, non-GAAP diluted EPS), 40% business performance .
- Bonuses capped at 2x target; CEO receives no payout if net income <80% of plan .
Long-term equity incentives—FY25 grants:
| Award Type | Grant Date | Target Units/Shares | Grant-Date Fair Value | Vesting |
|---|---|---|---|---|
| PRSUs – Relative TSR (rTSR) | 6/17/2024 | 14,572 | $2,247,002 | Cliff vest after 3-year period; eligible 5/16/2027 . |
| PRSUs – Absolute TSR (aTSR) | 6/17/2024 | 16,360 | $506,342 | Modifier opportunity; cliff vest 5/16/2027 . |
| PRSUs – Operating Metrics (Net Bookings & Non-GAAP Op Income) | 6/17/2024 | 9,684 | $1,331,841 | Annual earning per FY (2025–2027), cliff vest 5/16/2027 . |
| RSUs – Time-based | 6/17/2024 | 29,084 | $3,999,923 | 33% vested 5/16/2025; equal increments every six months until 5/16/2027 . |
Program design and FY25 performance on PRSU operating metrics:
- Equity mix: 60% PRSUs and 40% RSUs for Ms. Miele .
- PRSUs metrics and payout scale: Net bookings (<90%/90%/100%/110% of plan) and Non-GAAP operating income (<88%/88%/100%/112%), with payouts 0–200% of target; FY25 payouts were 87.1% (net bookings) and 56.2% (non-GAAP operating income); composite payout shown as 71.6% .
- rTSR: measured vs S&P 500 over 3 years (moved from Nasdaq-100 starting FY25); payout range 0–200% of target .
- aTSR: “stretch” absolute TSR modifier first implemented in FY25; target aTSR capacity equals 37.5% of target underlying PRSU units .
Stock vested in FY25:
| Metric | FY25 |
|---|---|
| Shares acquired on vesting (RSUs/PRSUs) | 54,684 |
| Value realized on vesting | $7,285,401 |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial ownership (shares) | 63,092 as of June 17, 2025 |
| Ownership % of outstanding | Less than 1% (“*”) |
| Shares outstanding (reference) | 251,271,874 as of June 17, 2025 |
| Stock ownership guideline | Executives (EVP) required to own stock = 3x base salary (FY24 policy) |
| Compliance status | As of May 2025, Section 16 officers had met requirements or were within 50-month compliance period; hold 50% of net after-tax vested shares until met . |
| Anti-hedging/pledging | Hedging prohibited; pledging prohibited for directors and Section 16 officers . |
Outstanding equity awards (select FY25 year-end holdings and values):
| Grant Date | Type | Units | Market Value ($) |
|---|---|---|---|
| 6/17/2024 | PRSUs – aTSR | 16,360 | $2,359,930 (at $144.25) |
| 6/17/2024 | PRSUs – rTSR | 14,572 | $2,102,011 |
| 6/17/2024 | PRSUs – OM (FY25 tranche earned) | 6,933 | $1,000,085 |
| 6/17/2024 | RSUs – time-based | 29,084 | $4,195,367 |
| 6/16/2023 | PRSUs – OM | 15,576 | $2,246,838 |
| 6/16/2023 | RSUs – time-based | 17,463 | $2,519,038 |
| 6/16/2023 | RSUs – time-based | 15,544 | $2,242,222 |
| 6/16/2022 | RSUs – time-based | 9,423 | $1,359,268 |
| 6/16/2022 | RSUs – time-based | 20,199 | $2,913,706 |
| 6/16/2022 | RSUs – time-based | 3,907 | $563,585 |
Notes:
- RSUs vest 33% on 5/16/2025, then equal increments every six months to 5/16/2027 (subject to continued employment) .
- All PRSUs for FY23–FY25 cliff vest after their respective 3-year performance periods (e.g., 5/16/2027 for FY25 grants) .
- No option activity disclosed in FY25; Ms. Miele had no reported options exercised or outstanding entries in FY25 tables .
Employment Terms
Change-in-control (CIC) and severance:
- CIC Plan: “Double-trigger” benefits for SVP+ (including Ms. Miele) if terminated without cause or resigns for good reason within 3 months before or 18 months after a change-in-control; cash severance equals 1.5x (CEO 2.0x) salary plus target bonus; 18 months COBRA premiums; full vesting of unvested time-based equity (PRSUs governed by award terms) .
- No excise tax gross-ups; payments may be cut to avoid 280G excise tax if net benefit is higher .
- Executive Officer Cash Severance Policy prohibits cash severance >2.99x salary+target bonus without shareholder ratification .
Estimated potential CIC-related payments (as of 3/29/2025, EA share price $144.25):
| Scenario | Cash Severance | RSUs | PRSUs | Other (COBRA) | Total |
|---|---|---|---|---|---|
| Termination due to death | — | $7,001,174 | — | — | $7,001,174 |
| Termination due to disability | — | $2,483,408 | — | — | $2,483,408 |
| Qualifying termination in CIC | $2,784,375 | $7,001,174 | $14,352,442 | $49,661 | $24,187,652 |
Plan updates:
- On August 14, 2025, EA amended and restated the CIC Plan to add a pro rata bonus for the year of termination, make administrative updates, and align provisions with market practice; full plan filed as Exhibit 10.1 to Form 8-K .
Merger agreement implications (announced Sept 28, 2025):
- If the PIF/Silver Lake/Affinity consortium acquisition closes at $210 per share cash consideration, outstanding vested RSUs convert to cash; unvested RSUs convert into restricted cash awards with the same time vest schedule; performance-based RSUs convert into restricted cash awards with performance deemed at the greater of target or actual through the latest practicable date, then vest on the original schedule (performance conditions removed) .
- Regular quarterly dividends capped at $0.19 per share pending closing; equity actions restricted per merger covenants .
Employment agreements:
- NEOs have not entered into individual employment agreements; standard equity award agreements govern termination treatment .
Investment Implications
- Pay-for-performance alignment: Ms. Miele’s compensation mix is heavily variable with explicit operating metrics (net bookings, non-GAAP operating income) and multi-year TSR measures; FY25 PRSU operating metrics earned below target (composite ~71.6%), consistent with underperformance in parts of the EA Entertainment portfolio .
- Vesting and potential supply: Time-based RSUs vest semi-annually through May 2027, and PRSUs cliff-vest May 16, 2027; FY25 vesting realized 54,684 shares/$7.29M value, implying ongoing settlement-driven supply subject to trading windows and holding requirements .
- Ownership and alignment: Beneficial ownership is modest (<1% of shares), but stringent stock ownership guidelines (3x salary at EVP in FY24 policy), “hold 50% of net-after-tax” until compliant, and anti-hedging/pledging bolster alignment and reduce risk incentives .
- Retention and CIC economics: Double-trigger CIC protection (1.5x salary+target bonus, equity vesting) plus FY25 addition of pro rata bonus support retention; however, merger terms converting performance-based equity into restricted cash awards remove performance conditions post-close, modestly reducing at-risk pay while preserving vesting timelines—stabilizing retention but potentially diluting performance linkage if transaction consummates .
- Governance signals: No single-trigger CIC, no excise tax gross-ups, capped bonuses, clawback compliant with Dodd-Frank, and prior say-on-pay support (87% in 2024) indicate disciplined compensation governance, mitigating shareholder risk of pay inflation .
Overall, compensation levers tie to multi-year operating and TSR outcomes, with semi-annual RSU vesting and a 2027 PRSU cliff creating identifiable settlement points; policy constraints on hedging/pledging and ownership requirements support alignment, while the announced merger—if completed—would reshape award risk profiles toward time-based restricted cash, affecting future trading dynamics and retention calculus .