Zynga Gives Mattrick $5 Million Sign-On Bonus
Zynga's new CEO, Don Mattrick, will receive a $5 million "sign-on bonus," according to SEC filings submitted by the company this week.
Mattrick is joining Zynga from his previous job as Microsoft's Xbox division head, and Zynga shares have made a major recovery on the news.
According to the filing, Mattrick's base salary will clock in at just $1 million, but his 2013 guaranteed minimum bonus will be either $2 million or the average percentage bonus of Zynga's other executive officers applied to his base salary, whichever is largest, with the bonus pro-rated for how many days he is on board in the fiscal year, which ends Dec. 30. For fiscal year 2014, he will be eligible for an annual bonus with a target amount of 200% of base salary and a maximum amount of 400% of base salary.
In addition to the $5 million sign-on perk, annual salary, and annual bonus , the new CEO could also receive around $40 million in Zynga shares over the course of the next three to five years.
Zynga founder and former CEO Mark Pincus said in a July 1 statement that he is "excited to partner with Don and the rest of our team to return Zynga to its leadership role in inventing and growing Play as a core human experience." Pincus will stay on as chairman of the board and chief product officer.
The article Zynga Gives Mattrick $5 Million Sign-On Bonus originally appeared on Fool.com.
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