You’re probably aware of Zynga’s new CEO hire. The social gaming company snatched Xbox lead from Microsoft in a bid to turn around its future. But what lured Don Mattrick quit Microsoft and assume the role of CEO at Zynga? Big compensation definitely has a part in it.
According to Bloomberg, Mattrick will receive more than $50 million in total compensation over the coming years as Zynga’s CEO. The compensation scheme includes “$5 million signing bonus, $1 million salary, $25 million in restricted stock vesting over three years, and additional restricted shares and options valued at $15 million.” Mattrick will be eligible for a bonus as much as $5 million and a performance-based equity grant valued at $7 million in 2014 alone.
Mattrick will start on July 8, and will replace Zynga’s current CEO (and founder) Mark Pincus. Pincus will remain the chairman of the board with 50% of the voting power. It is worth noting that Pincus was noted as one of the worst CEO’s in America. Hence, Mattrick has a tough challenge ahead of him in not just turning around the company’s business performance, but also its culture.