Zynga Inc (NASDAQ:ZNGA) is facing problems with the departure of many senior executives. Earlier today, we reported on the latest departure; Allan Leinwand, Chief Technology Officer (CTO) of infrastructure. The stock closed down 2.1% today to $2.82 a share on the news. This departure follows the resignation of Creative Officer Mike Verdu and Chief Operating Officer Schappert, among many others.
Just when it looked like things could not get worse for the company, things did! Zynga Inc (NASDAQ:ZNGA) has just filled an 8K with the Securities and Exchange Commission (SEC), announcing the departure of Jeff Karp. Karp had been the Chief revenue and Marketing officer of the online gaming company. Below is the excerpt from the 8-K announcing the departure.
On September 10, 2012, Jeff Karp, Chief Marketing and Revenue Officer of Zynga Inc (NASDAQ:ZNGA), a Delaware corporation (the “ Company ”), resigned from his position as an officer of the Company. Pursuant to a transition and separation agreement, Mr. Karp will continue to be employed by the Company, in a non-officer capacity, and will provide transition services to the Company through September 22, 2012 (the “ Separation Date ”), during which time he will continue to receive his regular salary and remain eligible for the Company’s standard benefits available generally to other employees of the Company. The Company will also pay Mr. Karp, as severance, an amount in cash equal to the equivalent of three months of his base salary in effect as of the Separation Date. In addition, the Company will pay Mr. Karp an amount in cash equal to three months of premium payments to extend his health insurance under COBRA. The Company will accelerate the vesting of 100,000 unvested Zynga Stock Units under Mr. Karp’s previous award. In connection with his resignation, Mr. Karp agreed to a standard general release of claims.
(Full disclosure: The author of this article has no position in any companies mentioned)
