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