Zynga CEO Pincus Takes $1 Salary as Growth Slows
Zynga Inc. (ZNGA) Chief Executive Officer Mark Pincus lowered his salary to $1 and opted not to receive a cash bonus or equity award in 2013 as the largest social-game maker seeks to trim costs.
The salary change took effect April 1, according to a filing today by the San Francisco-based company. In 2011, Pincus was paid $1.68 million, including a salary of $300,000 and a bonus of $3,750, filings show. Zynga hasn’t disclosed executive salaries for 2012.
Pincus, who founded Zynga in 2007, is cutting costs including his own salary as the game maker struggles to keep up with consumers shifting to mobile-based games. In October, the CEO said he was making “tough decisions” such as eliminating 5 percent of jobs, shutting offices and ending development on more than a dozen game titles.
The other top six executives at Zynga are each expected to take home more about $2 million or more apiece in salary and performance awards, according to the filing. Cadir Lee, executive vice president and chief technology officer, will make $500,000 in salary and be eligible for a bonus of $500,000 as well as a performance target of as much as $1.77 million this year.
Pincus’ net worth is about $800 million, according to Bloomberg Billionaires Index. He was one of the earliest investors in Facebook Inc. (FB), whose stock still accounts for more than $100 million of his holdings.
Zynga declined 2.3 percent to $3.45 at the close in New York, leaving the shares down 66 percent since the company’s December 2011 initial public offering.
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