It is no secret that Zynga has been losing top executives since late 2012.
CEO Mark Pincus is implementing a revised strategy to hold on to his executive leadership team with new pay schemes, which effectively double the salaries of many key executives. Bonuses will now be tied to performance, increasing maximum payout potential for the top brass.
In addition to this, Zynga co-founder and CEO Mark Pincus has taken the road of Silicon Valley CEOs like Facebook’s Mark Zuckerberg and Google’s Larry Page, reducing his annual salary to $1, Inside Social Games reports. Pincus is also ineligible for the new executive bonuses.
As it’s expressed in the form 8-K: “The Company’s 2013 executive compensation program is designed to focus on two primary objectives: first, retaining and motivating our talented, entrepreneurial executive leadership team; and second, aligning our executive pay structure with company performance-based incentives. We believe that by focusing on both retention and performance, the compensation packages align with our strategy to build value for our stockholders.”
It’s been a rough year and change for Zynga, which posted massive losses in 2012. Zynga has bled key talent lately, the most recent being Dan Porter, CEO of Draw Somethingdeveloper OMGPOP. His departure was preceded by game designer Brian Reynolds in January and CFO Dave Wehner back in November.
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[Sources: joystiq.com; Inside Social Games]