Items tagged with (NASDAQ: ZNGA)
Cha-ching! That's the sound that best describes Don Mattrick's transition from President of the Interactive Entertainment Business at Microsoft to Chief Executive Officer (CEO) of Zynga. The social game maker apparently wanted Mattrick in a big way, and putting its money where its mouth is as, Zynga could end up paying its new CEO nearly $60 million in cash and stock options. Right off the bat, Mattrick receives a $5 million signing bonus, followed by a comparatively modest $1 million salary. He also receives $25 million in restricted stock vesting over three years and additional restricted shares and options worth $15 million. On top of all this, Mattrick will be eligible for a bonus of up to...
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The heady days of FarmVille are a distant memory for Zynga, and it’s still smarting from its ill-fated OMGPOP acquisition (as in, Draw Something, the game you played for a few weeks and then forgot). Today, Zynga released 520 workers, which is about 18 percent of its staff. The workforce reductions aren’t entirely a surprise. Zynga has said publicly that cuts would be coming. In a press release, the company estimated it would save $70 to $80 million with the workforce reductions. It also announced the closure of “various office locations.” Those locations appear to be studios Dallas, Los Angeles and New York. Layoffs at the beleaguered game company aren’t over yet...
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Dan Porter, former CEO of OMGPOP, never has to work another day in his life if he doesn't want to. Nor is obligated to work at Zynga, the casual game company that purchased OMGPOP last year for $183 million after "Draw Something" became a virtual overnight sensation. Unlike Midas, not everything Zynga touches turns to gold, and shortly after acquiring OMGPOP, Draw Something's popularity plummeted. Maybe the game ran its course or perhaps Zynga, following the crazy success it saw with Farmville, is simply cursed these days. Either way, Porter isn't sticking around to find out. The so-called "golden handcuffs" are off, though both Porter and Zynga are publicly claiming the decision to part ways...
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