The San Francisco-based video game developer Zynga who have developed some of the very popular online games such as Zynga Poker, Farmville and Hit it Rich announced on Tuesday that it has appointed Frank Gibeau to the role of chief executive (CEO).
Gibeau is a former Electronic Arts executive who was already playing a role as a board of directors for Zynga will hold his position as company’s new CEO on March 7.
Zynga’s current CEO Mark Pincus, who is also Zynga’s founder, will play a new role as company’s executive chairman of the board.
“I recruited Frank seven months ago to become an active board member to advise and coach our teams,” Pincus said in a statement. “Frank has mentored product teams, led roadmap meetings, and delivered inspiring talks to our game making and PM communities. Frank has also been a big supporter of our move to smaller more nimble teams. Equally important, we have worked well together and share a common vision for Zynga around mobile and social gaming.”
“He has a proven 25-year track record having helped architect the successful turnaround of Electronic Arts as the President of EA Labels and more recently navigating the company’s platform transition efforts as EVP of EA Mobile. In our industry he’s known for driving operational excellence and leading winning teams on both the publishing and studio side of the gaming business.” Gibeau said he is “incredibly honored” to become Zynga’s new CEO.
According to government documents, Gibeau will be paid a base yearly salary of $1 million.
“Mr. Gibeau will be eligible to participate in Zynga’s performance bonus plan for executive officers, with a target bonus amount equal to 100 percent of his annual base salary and a maximum bonus amount of 200 percent his annual base salary. For fiscal year 2016, Mr. Gibeau will receive a guaranteed minimum annual bonus equal to 100 percent of his annual base salary, pro-rated for the number of days he works for Zynga in 2016. For fiscal years after 2016, the actual amount of the annual bonus will be determined by the Compensation Committee of the Board in its sole discretion and be based upon its assessment of each of Zynga’s and Mr. Gibeau’s achievement of performance conditions during the applicable fiscal year.”