Zynga CEO Opts For $1 Annual Compensation
The company's stock, while on a tear lately, had sunk nearly 80 percent in a year.
Troubled game-maker Zynga is on the mend and it's stock has been on a mini tear lately. Nevertheless, company CEO Mark Pincus figures his compensation should amount to a single buck this year.
Zynga, the company behind FarmVille and Words With Friends, said in a regulatory filing that Pincus has chosen a $1 salary and he will not participate in the company's bonus programs this year. He'll retain his health benefits, though.
Pincus, who founded the company five years ago, earned $1.7 million in 2011 and his 2012 compensation has not yet been disclosed.
Zynga stock has sunk nearly 80 percent in the past year, but in the past four months the shares have surged 46 percent, partially on enthusiasm over the company's entry into online gambling in the UK. On Thursday, the stock closed 8 cents lower to $3.45.
Steven Chiang, Zynga's president of games, will receive a base salary of $500,000 this year with a target bonus of $500,000, and likewise for COO David Ko, chief revenue officer Barry Cottle and chief technology officer Cadir Lee. Each of them could also receive more than 1 million shares of stock.