Social games behemoth Zynga is aiming to begin a new executive pay scheme this year that will double the salaries of numerous executives in the company, and change policies around how bonuses are achieved, Inside Social Games reports.
The company's new bonus policy, which will now be tied directly to employee performance, will increases the maximum possible amount for its head staff. This news comes courtesy of a form filed by Zynga with the securities and exchange commission.
According to the form: "The Company's 2013 executive compensation program is designed to focus on two primary objectives: first, retaining and motivating our talented, entrepreneurial executive leadership team; and second, aligning our executive pay structure with company 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's Steven Chiang, current president of games, will receive a new annual base salary of $500,000 in addition to the potential to earn up to $1.4 million in performance-based bonuses. IN comparison, Chiang received $300,000 in 2012, with quarterly bonuses of $100,000. By comparison, Zynga founder and CEO Marc Pincus reduced his annual salary to $1.00 and will be exempt from yearly bonuses.
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