Like ... a lot less. Inside Social Games reports that, according to an 8-K form filed with the Securities and Exchange Commission, Zynga will soon begin to both the base pay and bonuses for its top executives by significant margins. Inversely, the filing cites that CEO Mark Pincus will now accept a base annual salary of one whole dollar. Nope, no typos here.
For instance, Zynga Games President Steven Chiang will see nearly double his 2012 base salary in 2013, with the potential to earn as much as $1.4 million this year in performance-based bonuses. The rest of the game maker's top execs are in similarly fortunate situations.
Clearly, the idea here is to ensure that what executive team the company still has actually stays put, a problem Zynga dealt with quite a bit and rather publicly throughout 2012. (Not to mention into 2013.) Pincus will also be barred from earning an annual bonus this year as well as an equity bonus. You know, as an extra, super serious, vote of confidence.
This news follows the company's launch of ZyngaPlusCasino, its real-money online gambling effort, in the UK. Don't worry, Pincus will be able to afford it real soon.
Are you surprised by this at all? Do you think it will convince the current executive team to stick around? Add Comment.