Zynga CEO opts for one-buck 2013 salary
SAN FRANCISCO (Reuters) - Zynga Inc's (ZNGA.O) chief executive, Mark Pincus, has opted to receive an annual salary of just $1 this year and forgo all cash bonuses, the company said on Thursday.
Pincus, who founded the social gaming company in 2007 and still maintains majority control, received a pay package of $1.7 million in 2011.
His 2012 pay package has not yet been made public by the company, which is best-known for "FarmVille," a popular game on Facebook.
Moreover, Pincus will not participate in the company's cash bonus program this year, the company told the Securities and Exchange Commission in a filing.
Zynga share's were flat in after-hours trading after closing at $3.45 on the Nasdaq. They are down almost 80 percent from a March 2012 high of $14.69.
Once touted as one of Silicon Valley's fastest growing companies, Zynga suffered a dramatic reversal last year, when users began to abandon its red-hot games like "CityVille." The company was also caught off guard by a sweeping, permanent change in consumer behavior, as people spent more time on their mobile phones instead of desktop computers - the platform for Zynga's most lucrative, Facebook-based games.
(Reporting By Malathi Nayak; Editing by Steve Orlofsky)
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
Trending On Reuters
Apple Inc quarterly results smashed Wall Street expectations with record sales of big-screen iPhones in the holiday shopping season and a 70 percent rise in China sales, powering the company to the largest profit in corporate history. Full Article
From Oscars to Sundance, Sharma and Revolori discuss India's 'Umrika' Full Article
Frenchman, American among those killed in Tripoli hotel attack - Libyan official. Full Article