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Zynga's new CEO to get pay package worth about $64m

Published on Jul 4, 2013 6:41 AM
 
Mr Don Mattrick at Xbox E3 2013 Media Briefing at E3 2013 at the Galen Center on Monday, June 10, 2013 in Los Angeles. Mr Mattrick, the head of Microsoft Corp's Xbox business who will replace Zynga Inc's founder Mark Pincus as chief executive next week, will get a hefty, largely stock-based compensation package of about US$50 million in coming years, the company said in a regulatory filing on Wednesday. -- FILE PHOTO: INVISION FOR XBOX

SAN FRANCISCO (REUTERS) - Mr Don Mattrick, the head of Microsoft Corp's Xbox business who will replace Zynga Inc's founder Mark Pincus as chief executive next week, will get a hefty, largely stock-based compensation package of about US$50 million (S$64 million) in coming years, the company said in a regulatory filing on Wednesday.

In his first year, Mr Mattrick will receive a base salary of US$1 million, a sign-on cash bonus of US$5 million and a 2013 bonus of US$2 million, or the average bonus of Zynga's other executives, the company said.

To compensate for shares he lost in leaving Microsoft, Mr Mattrick will receive a make-whole grant of US$25 million, or about 9 million restricted stock units that will vest over the next three years. These shares are currently valued at over US$30.5 million.

Zynga stock has soared 11 per cent since the company announced on Monday that Mr Mattrick was coming on board as chief executive.

 
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