Zynga Inc (NASDAQ:ZNGA) loses two more top executives and announces the filling of several other recent vacancies. In recent months more than six top executives have left Zynga Inc (NASDAQ:ZNGA) as the price of its stock continues to decline.
This week the company announced that its treasurer, Mike Gupta will be leaving and heading over to serve in a similar role at Twitter, while chief financial officer David Wehner is leaving to go to Facebook Inc (NASDAQ:FB). Mike Vranesh, who previously served in Wehner’s position, has resumed the role. No replacement for Mike Gupta has been announced yet.
Although Zynga Inc (NASDAQ:ZNGA) has traditionally been the largest maker of social networking games, the company has recently been struggling to keep its top executives. For two quarters in a row, the company has missed expectations for earnings. As a result, shares of Zynga Inc (NASDAQ:ZNGA) have dropped almost 80 percent since the company’s initial public offering last December. Investors are now questioning whether Zynga Inc (NASDAQ:ZNGA) will be able to survive, as online gamers seem to be tiring of the company’s biggest hit games.
A Zynga Inc (NASDAQ:ZNGA) spokesperson also announced this week the name of the company’s new chief operations officer, David Ko. Ko has held various positions in the mobile gaming industry. Ko is filling a position that has been empty since John Schappert resigned in August. Steven Chiang will oversee game development and Barry Cottle will become the company’s chief revenue officer. The company’s marketing chief position is still open after Jeff Karp left in September.
Top value fund managers are ready for the small cap bear market to be done
During the bull market, small caps haven't been performing well, but some believe that could be about to change. Breach Inlet Founder and Portfolio Manager Chris Colvin and Gradient Investments President Michael Binger both expect small caps to take off. Q1 2020 hedge fund letters, conferences and more However, not everyone is convinced. BTIG strategist Read More
Zynga Inc (NASDAQ:ZNGA) began laying off employees last month after revising its full-year outlook and warning investors that its revenues were dropping. Executives have also begun making efforts to cut costs.