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 annual salary 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 initial public offering price of $10 in late 2011.
The stock closed at $3.42 Wednesday.
漏 2013 The Associated Press. All rights reserved.
