Zynga gives new CEO millions to leave Microsoft

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Associated Press

Posted on July 4, 2013 at 1:01 AM

Updated Thursday, Jul 4 at 2:01 PM

SAN FRANCISCO (AP) — 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.

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