Zynga CEO Restricted to Just $1 Salary for 2013
Founder and CEO of Zynga, Mark Pincus will draw only a single $1 as salary throughout 2013, leaving rest of the management team to earn more than ever.
Pincus will also not be eligible for the company’s cash bonus or equity programs. All of which is thanks to a new executive compensation program, which is aimed at retaining and motivating executives and aligning executive pay structures with that of the company’s overall 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,” Zynga said in a statement.
That said, Zynga is still to produce a specific reason to Pincus’ salary cut. We assume the reason or reasons for that matter, to include the last reported $209 million loss, studio closures, layoffs, and also of Bloomberg naming Pincus as one of the “worst CEOs of 2012.”
According to Forbes, Pincus has a net worth of $1.8 billion. I guess $1 for a year will hardly effect his routine.