Zynga CEO Mark Pincus will take a salary of just $1 in 2013, according to Inside Social Games. We're not sure if this move by the social game giant's CEO is a publicity stunt to garner good will or not, but it's certainly a bold move by Pincus.
Pincus also won't be eligible for the company's cash bonus or equity program. The information comes from a new Securities & Exchange Commission filing (SEC). The SEC filing does not detail why Pincus is taking a pay cut. Considering that Forbes puts his net worth at around $1.8 billion, we doubt the pay cut will force Pincus to be living on the street anytime soon.
The SEC filing also reveals the launch of a new executive compensation program. Annual base salaries for six executives at the company are between $425,000 and $500,000, with performance-based bonuses totaling 100 percent of their salaries on top of that. The purpose of this new executive compensation program is keep executives from jumping ship and to align the executive pay structure with that of the company's 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.
Source: Inside Social Games