Zynga gives new CEO millions to leave Microsoft

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.

© 2013 The Associated Press. All rights reserved.

Citation: Zynga gives new CEO millions to leave Microsoft (2013, July 4) retrieved 30 November 2022 from https://phys.org/news/2013-07-zynga-ceo-millions-microsoft.html
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