Zynga Inc (NASDAQ:ZNGA) co-founder Mark Pincus has stepped down from overseeing all operational roles at the company. He will be shifting to non-executive chairman of Zynga and is giving up the title of chief product officer.
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Earlier this month, it was announced that Don Mattrick was named CEO of Zynga. Before that, Mattrick used to be the head of Microsoft Corporation’s entertainment division. In 2010, Mattrick spent time negotiating with Zynga CEO Mark Pincus about buying them out, according to sources with Bloomberg. Mattrick had plans to bolster the Xbox with a line of social games as part of the potential acquisition. Clearly that deal fell apart and Zynga continues to struggle financially.
Zynga has filed an 8K regulatory filing that shows how much new CEO Don Mattrick will be getting paid. Mattrick will be paid $50 million in cash and stock compensation over several years. Mattrick’s cash and stock package will be worth $19.3 million for the first year. His signing bonus was $5 million in cash and a $1 million annual salary with a pro-rated cash bonus of $2 million. In the period, he will receive $11.3 million in Zynga stock as part of a make-whole grant related to the vesting shares he lost when he stepped down at Microsoft.
Zynga named former Microsoft executive Don Mattrick as the CEO on Monday. Zynga founder and CEO Mark Pincus will officially step down on July 8th. Pincus will remain the chairman of the board and chief product officer.
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Zynga has reported their Q1 2013 revenues. Unfortunately, Zynga’s revenues declined 18% year-over-year to $264 million. In the same quarter last year, Zynga reported $321 million in revenues. The company is in the midst of investing more resources into mobile platforms. Analysts were expecting Zynga to generate around $209.8 million in revenues at a loss of 4 cents per share. For the quarter, Zynga reported a net income of $4 million.
Zynga CEO Mark Pincus announced that the company is going to no longer accept new players for 11 games The company will be moving resources going into those games into more successful games. Pincus has been aiming to cut costs for months. The company laid off many employees back in October.