Zynga gives new CEO millions to leave Microsoft

Jul 04, 2013

Struggling Web game maker Zynga gave new CEO Don Mattrick a $5 million signing bonus and stock awards valued at $40 million to lure him away from his previous job overseeing Microsoft Corp.'s Xbox console for video games.

Mattrick's compensation package also includes a $1 million and a guaranteed bonus of about $1 million this year.

Zynga Inc. announced Mattrick would replace company co-founder Mark Pincus as CEO earlier this week, but didn't detail how much it's paying its new leader until late Wednesday.

Zynga is counting on the 49-year-old Mattrick to reverse a steady string of losses that has cause the company's stock price to plunge 66 percent from its price of $10 in late 2011.

The stock closed at $3.42 Wednesday.

Explore further: Alibaba surges in Wall Street debut (Update)

1 /5 (1 vote)
add to favorites email to friend print save as pdf

Related Stories

Zynga insiders price new stock offering at $12

Mar 29, 2012

(AP) -- Online games company Zynga Inc. said Wednesday that CEO Mark Pincus and other insiders will sell some of their stake at $12 a share, slightly below Wednesday's closing price.

Zynga founder, other insiders to sell 43M shares

Mar 23, 2012

(AP) -- Zynga's CEO and other insiders at the online games company plan to sell 43 million shares of stock in a public offering that will boost the amount of stock available for general trading by 35 percent.

Zynga chief marketing, revenue officer resigns

Sep 10, 2012

(AP)—Jeff Karp, the chief marketing and chief revenue officer at Zynga, has become the latest executive to leave the struggling online company behind "FarmVille" and other games.

Recommended for you

Alibaba makes Wall Street debut

Sep 19, 2014

Alibaba made its long-awaited Wall Street debut Friday on the heels of a record stock offering that opens the door to global expansion for the Chinese online retail giant.

Alibaba IPO to boost employee fortunes to $8 bn

Sep 19, 2014

Employees of Chinese e-commerce giant Alibaba will see their fortunes swell to nearly $8 billion as the company prepares a massive US stock offering that could be valued at $25 billion.

Alibaba mega IPO caps founder Jack Ma success tale

Sep 19, 2014

When Jack Ma founded Alibaba 15 years ago he insisted the e-commerce venture should see itself as competing against Silicon Valley, not other Chinese companies. That bold ambition from a time when China was ...

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

Lord_jag
5 / 5 (1) Jul 04, 2013
Yeah... because X-box is doing so well right now, right?

Why doesn't anyone ever give me $40 million for doing a poor job?