Friday, July 5, 2013

Don Mattrick Game Maker Zynga was lured away from Mircosoft with a $5 Mil. bonus & stock $40 Mil.


Mattrick's compensation package also includes a $1 million annual salary and a guaranteed bonus of about $1 million this year, according to a regulatory filing made late Wednesday. Zynga Inc. announced Mattrick would replace company co-founder Mark Pincus as CEO earlier this week, but didn't detail how much its new leader would be paid at that time.

Zynga is counting on Mattrick, 49, to reverse a steady string of losses that has caused the company's stock price to plunge 66 percent from its initial public offering price of $10 in late 2011.

As Mattrick draws up the turnaround strategy, he will still be working closely with Pincus, who holds a controlling stake in Zynga and will remain the San Francisco company's chairman and chief product officer.

As with many CEOs, Mattrick's pay package could be worth a lot more or less, depending on how his company's stock fares in the next few years.

Mattrick secured his lucrative deal with Zynga just a few weeks after the company laid off more than 500 employees, or nearly one-fifth of its payroll, to save money.

Zynga, the maker of once-popular games such as Farmville, gave Mattrick 8.9 million shares of restricted stock initially valued at $25 million to make up for the some of the compensation he surrendered by leaving Microsoft. Those shares are already worth slightly more on paper, but they won't vest until July 2016, according to Zynga's regulatory filing.

Read More.... http://www.hollywoodreporter.com/news/zynga-gives-new-ceo-millions-580523

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