Zynga hires new CEO Don Mattrick worth $50 million

Don Mattrick is the new CEO of the online social game company Zynga. The ex-head of Microsoft XBOX division will replace founder Marc Pincus next week and will get a substantial compensation of $50 million in coming years according to companys statement. In his first year, the newly appointed CEO would receive a total of $8 million worth of salaries and bonuses which according to Zynga is in line with firms executives paychecks. Furthermore, adding to that Mattrick would be compensated with $30.5 million worth of stocks, to cover losses from leaving Microsoft.

Zynga jumped 11% since the announcement that Mattrick was coming on board as chief executive.

Mark Pincus the previous CEO of online gambling service site welcomed the new executive and stated he is staying as Chairman and Product Officer. “Going forward Ill continue in my role as Chairman and Chief Product Officer,” said outgoing CEO Mark Pincus. “Im excited to partner with Don and the rest of our team to return Zynga to its leadership role in inventing and growing Play as a core human experience.”

Don Mattricks email to Zynga staff has been posted. “I joined Zynga because I believe that Marks pioneering vision and mission to connect the world through games is just getting started. As Mark was recruiting me to come here, I was impressed by his creativity, drive and the clarity in which he sees the future of games and entertainment as a core consumer experience.”

Microsofts CEO Steve Ballmer also posted a “thank you” e-mail which acknowledges the work and dedication of the ex-head of companys entertainment division.

During his stay at Microsoft, Mattrick helped turn the Xbox business into a profitable venture after years of operating losses, eventually taking the device into the top selling console in the United States.

Zyngas shares closed at 4.59% gain forming a 44.92% year to date advance.