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