Nir Korczak
About Nir Korczak
Chief Marketing Officer since March 2017; Executive General Manager (Solitaire Grand Harvest and World Series of Poker) since May 2024. Age 45, B.Sc. Industrial Engineering Management & Information Systems (Ben Gurion University) and MBA (Tel Aviv University). Company TSR fell materially post‑IPO (value of $100 investment: $64 in 2021 → $32 in 2022 → $32 in 2023), while 2024 Retention Plan Adjusted EBITDA was $850.6M (97.2% of target $875M), driving an 86% bonus payout; 2022 PSUs (2024 performance period) paid minimum vesting due to <1% revenue growth .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Google Israel | Head of Exports Sectors | 2006–2015 | Led export‑focused marketing; foundational digital expertise |
| Aditor LTD (acquired by Playtika Mar‑2017) | Chief Executive Officer | 2015–2017 | Built mobile ad tech; integrated into Playtika’s marketing stack |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | — |
Fixed Compensation
| Metric | 2024 | 2025 |
|---|---|---|
| Base Salary (USD) | 244,062 | 500,000 |
| Target Bonus (USD) | 490,000 | 500,000 |
| Threshold Bonus (USD) | 245,000 | 250,000 |
| Maximum Bonus (USD) | 980,000 | 1,000,000 |
| Actual Bonus Paid (USD) | 421,632 (paid Feb‑2025 for FY2024) | — |
Stock awards (grants and fair value):
| Award Type | Grant Date | Shares (#) | Grant‑Date Fair Value (USD) |
|---|---|---|---|
| RSUs | 12/15/2024 | 382,353 | 2,389,706 |
| PSUs – TSR | 12/15/2024 | 382,353 | 1,282,157 |
| PSUs – Annual Revenue Growth | 12/15/2024 | 191,176 | 1,217,791 |
| PSUs – Adjusted EBITDA | 12/15/2024 | 191,176 | 1,217,791 |
Additional outstanding awards:
| Award Type | Grant Date | Shares Outstanding (#) | Notes |
|---|---|---|---|
| RSUs | 02/08/2021 | 8,534 | Vested quarterly; final vest 01/15/2025 |
| RSUs (Option Exchange) | 12/15/2022 | 53,334 | Vests quarterly over 3 years |
Perquisites/other (2024): $50,459 composed of severance fund contributions ($20,330), pension contributions ($14,636), tax gross‑ups ($2,934), and allowances/benefits ($12,559) .
Performance Compensation
Annual Bonus Plan (FY2024):
| Metric | Threshold | Target | Actual | Payout % of Target | Payout (USD) |
|---|---|---|---|---|---|
| Retention Plan Adjusted EBITDA | 90% of target | $875.0M | $850.6M (97.2%) | ~86% | 421,632 |
PSUs mechanics and outcomes:
| Award Year | Metric | Threshold | Target | Actual (Period) | Vesting Outcome |
|---|---|---|---|---|---|
| 2022 PSU (2024 performance period) | Annual Revenue Growth | <1% = 0% | 5%+ = 100% | <1% (2024) | Minimum 25 PSUs vested (Israeli law) in Feb‑2025 |
| 2024 PSUs (2025–2027 periods) | TSR | 10% = 50% | 15%+ = 100% | Not yet determined | Up to 33.3% vest annually, subject to performance |
| 2024 PSUs (2025–2027 periods) | Annual Revenue Growth | 1% = 50% | 2%+ = 100% | Not yet determined | Up to 33.3% vest annually, subject to performance |
| 2024 PSUs (2025–2027 periods) | Adjusted EBITDA | Target only | Target met = 100% | Not yet determined | Up to 33.3% vest annually, subject to performance |
Vesting schedules:
- 2024 RSUs vest in substantially equal quarterly installments March 15, 2025 through December 15, 2027, subject to continued service .
- 2024 PSUs determine annually for periods ending Dec 31, 2025/2026/2027; up to 33.3% vest each year based on metric achievement .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 352,609 shares; 0.1% of outstanding (as of 04/17/2025; base 375,435,929 shares) |
| Unvested RSUs (12/31/2024) | 382,353 (2024 grant); 53,334 (12/15/2022); 8,534 (02/08/2021) |
| Unearned PSUs (12/31/2024) | 382,353 TSR; 191,176 Revenue; 191,176 EBITDA (all 2024 grants); 37,163 2022 PSUs eligible for 2025 performance |
| Stock Ownership Guidelines | 3× base salary for execs; compliance status: satisfied |
| Hedging/Pledging | Company prohibits hedging and pledging by directors, officers, employees |
Employment Terms
| Term | Details |
|---|---|
| Role start date | CMO since March 2017; Executive General Manager since May 2024 |
| Agreement & term | Employment agreement via Playtika Ltd.; terminable by either party on 30 days’ written notice; immediate termination for “cause” |
| Non‑compete & non‑solicit | 12‑month non‑compete and non‑solicit post‑termination; confidentiality/IP assignment covenants |
| Severance & benefits | Entitled to statutory severance via monthly Section 14 contributions; receives pension/disability/education fund contributions consistent with Israel‑based employees |
| Change‑in‑control (equity) | PSUs: upon CoC, convert to time‑based vesting in equal annual installments through final period, with completed periods vesting on actual performance; Qualifying Termination after CoC accelerates remaining PSUs; RSUs: Korczak’s Feb‑2021 & Dec‑2022 RSUs are not eligible for the accelerated vesting terms applicable to certain pre‑2023 RSUs |
| Potential payouts (12/31/2024) | Termination w/o cause/Good Reason (no CoC): PSU acceleration value ~$347; with CoC: PSU acceleration $5,565,137; RSU acceleration none; cash severance none (Korczak) |
| Clawback | SEC/Nasdaq‑compliant clawback for erroneously paid incentive comp adopted Oct‑2023 |
Compensation Structure Analysis
- Shift to performance‑weighted equity: December 2024 grants are 66% PSUs (Revenue, Adjusted EBITDA, TSR) and 33% RSUs, reinforcing performance alignment post‑legacy cash Retention Plan expiry .
- Base re‑set to market: 2025 base salary increased to $500,000 from $244,062 (2024) as Retention Plan ended; 2025 target bonus set at $500,000 (consistent with market) .
- Peer benchmarking: For 2025 decisions, Compensation Committee targeted total cash ~75th percentile; total direct compensation between 50th–75th percentile of peer group (AppLovin, DraftKings, EA, Match, Pinterest, Roku, Take‑Two, etc.) .
- 2024 say‑on‑pay approval ~85% indicates broad shareholder support for revised program .
Related Party Transactions
- Korczak’s brother serves as a director of a Playtika subsidiary; earned $43,520 in 2021 and received 6,826 RSUs and 8,000 stock options (grant‑date fair value $295,868) .
Performance & Track Record
| Indicator | 2021 | 2022 | 2023 |
|---|---|---|---|
| Company TSR – value of $100 investment (USD) | 64 | 32 | 32 |
| Net Income (USD mm) | 308.5 | 275.3 | 235.0 |
| Retention Plan Adjusted EBITDA (USD mm) | 982.7 | 919.0 | 944.4 |
Operational highlights:
- Established centralized marketing function; elevated to Executive General Manager overseeing Solitaire Grand Harvest and WSOP in 2024 .
Equity Plan Details & Vesting Mechanics (Granular)
| Award | Metric | Vesting cadence | Key thresholds/targets |
|---|---|---|---|
| 2024 PSUs – TSR | 1‑Year TSR | Up to 33.3% per year (2025–2027) | 10% = 50%; 15%+ = 100% |
| 2024 PSUs – Revenue Growth | Annual revenue growth | Up to 33.3% per year (2025–2027) | 1% = 50%; 2%+ = 100% |
| 2024 PSUs – Adjusted EBITDA | Annual Adjusted EBITDA | Up to 33.3% per year (2025–2027) | Target only (must meet/exceed) |
| 2024 RSUs | Time‑based | Quarterly 03/15/2025–12/15/2027 | Continued service required |
| 2022 PSUs | Annual revenue growth | Up to 25% per year (2022–2025 periods) | 1%/3%/5% thresholds; 2024 period vested minimum 25 PSUs |
Governance & Policies (Alignment/Safeguards)
- Anti‑hedging/anti‑pledging: No hedging, shorting, or pledging of company stock permitted .
- Ownership guidelines: Executives at 3× base salary; all execs met requirements .
- Clawback policy: Recovery of erroneously paid incentive comp after restatements, including stock price/TSR‑based incentives per SEC/Nasdaq rules .
Investment Implications
- Pay‑for‑performance tightening: 2024 introduction of multi‑metric PSUs (Revenue/EBITDA/TSR) and end of cash‑heavy Retention Plan structurally increase at‑risk pay; Korczak’s bonus is formulaic to EBITDA and PSUs require multi‑year goals, reducing discretionary payouts .
- Retention risk mitigated by equity: Large 2024 RSU/PSU grants with three annual determinations and 3‑year RSU vesting extend retention horizon through 2027 .
- CoC economics: Significant PSU acceleration under change‑in‑control (indicative value $5.57M at 12/31/2024), while RSU acceleration is limited for Korczak’s 2021/2022 grants—equity‑heavy design incentivizes continuity around strategic events .
- Governance red flags limited: Hedging/pledging banned; clawback in place; minor tax gross‑ups on Israeli employee perquisites; a related‑party tie (brother as subsidiary director) warrants monitoring but is disclosed with modest compensation .