The now ex-Xbox president Don Mattrick has left Microsoft for his new position as CEO of the social games publisher Zynga, a job he will officially take on July 8. In addition to a much loftier title, Mattrick is also set to earn quite a hefty payday.
Mattrick's base annual salary will be a reported $1 million, but that's just the start of his earning potential. He'll also be taking in a signing bonus of $5 million, alongside a $2 million 2013 bonus.
Sure, $8 million is a nice place to start, but the real money comes from Mattrick's new stock options. He'll be receiving 9 million shares of Zynga, which Reuters values at over $30.5 million. Of these 9 million shares, he'll be able to cash in 45% of it at the end of his first year as CEO, leaving him with upwards of $19 million in 2014.
This very enticing package was meant to compensate Mattrick for the shares of Microsoft he lost when he left the company. After his third year, he may be in line for an even bigger payday, if the Zynga board of directors decide to leave him in charge of the company.
Zynga has been struggling lately to find a footing after going public. The company cut more than 18% of its workforce last month in a bid to stay afloat. Mattrick's arrival seems to have breathed new life into the company though, with Zynga stock jumping 11% since his recruitment was announced.
On Microsoft's end, the company has yet to announce a replacement for Don Mattrick, although an official statement is expected to be made next week. Rumors are circulating that Microsoft CEO Steve Ballmer has been considering Windows chief Julie Larson-Green as the new head of Xbox.
Microsoft's Xbox One console will launch this November for $499.
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