 | « Back to article | Print this article |
Multi-million dollar pay package to Zynga's new CEO
Don Mattrick, the head of Microsoft's Xbox business who will replace Zynga founder Mark Pincus as chief executive next week, will get a hefty, largely stock-based compensation package of about $50 million in coming years, the company said in a regulatory filing.
In his first year, Mattrick will receive a base salary of $1 million, a sign-on cash bonus of $5 million and a 2013 bonus of $2 million, or the average bonus of Zynga's other executives, the company said.
Click NEXT to read more...
Multi-million dollar pay package to Zynga's new CEO
To compensate for shares he lost in leaving Microsoft, Mattrick will receive a make-whole grant of $25 million, or about nine million restricted stock units that will vest over the next three years. These shares are currently valued at over $30.5 million.
Zynga stock has soared 11 per cent since the company announced that Mattrick was coming on board as chief executive. At the end of his first year, Mattrick will get 45.32 percent of his nine million restricted stock units, valued by the company at about $11.3 million based on the June 26 price. This takes his salary in his first year to a total of $19.3 million.
Click NEXT to read more...
Multi-million dollar pay package to Zynga's new CEO
Zynga is also giving Mattrick an inducement grant of 1,785,714 restricted stock units with a target value of $5 million and an option to buy 7,357,143 shares with a target value of $10 million that will vest at the end of his third, fourth and fifth term of employment.
Mattrick is expected to make about $14.3 million in his second term and about $8.4 million in his third term as chief executive. If the company is pleased with Mattrick's performance, he is eligible for grants of new stock with a target value of $7 million in 2014.
Click NEXT to read more...
Multi-million dollar pay package to Zynga's new CEO
In following years, the company's board can award him new stock grants, but will try to keep the target value at $7 million. Credited with building Microsoft's Xbox business into a gaming powerhouse, Mattrick officially takes over on Monday as chief executive at Zynga, known for its "Farmville" games.
Mattrick's new role leading a company that publishes social media-based titles and smartphone games will be a marked departure from his long career in the world of big-budget, packaged console games.
Click NEXT to read more...
Multi-million dollar pay package to Zynga's new CEO
Mattrick headed successful franchises such as "Fifa" during his 15 years at video game publisher Electronic Arts. He joined Microsoft in 2007. At Microsoft, Mattrick helped turn the Xbox business into a profitable venture after years of operating losses, eventually propelling the device into the top selling console in the United States.
© Copyright 2024 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.