Zynga reboots management as CFO heads to Facebook

November 13, 2012
Struggling social games pioneer Zynga on Tuesday announced a shake-up of its management team as its chief financial officer left to take a job at Facebook. Zynga CFO Dave Wehner, pictured in 2011, has accepted a "senior position" at Facebook and will be replaced by Mark Vranesh, who had the job previously, according to a memo sent to Zynga workers by company chief Mark Pincus.

Struggling social games pioneer Zynga on Tuesday announced a shake-up of its management team as its chief financial officer left to take a job at Facebook.

Zynga CFO Dave Wehner has accepted a "senior position" at Facebook and will be replaced by Mark Vranesh, who had the job previously, according to a memo sent to Zynga workers by company chief Mark Pincus.

"Dave provided great leadership to our financial team over the past two years, helping guide the company's transition from startup through IPO," Pincus said.

"He remains a good friend to us all and we wish him success in his next endeavor."

Pincus also replaced Zynga's chief operating and revenue officers along with the president of games at the San Francisco-based firm that rose to stardom with Facebook games but has been struggling to find a winning formula for profit.

"These changes come at an important time," Pincus said. "We are positioning ourselves for long-term growth."

Zynga shares were up slightly to $2.13 in after-market trades on the Nasdaq exchange.

Zynga in October delivered an earnings report that beat expectations and made an opening ante into real-money casino games in Britain.

Zynga reported it lost $52.725 million on revenue of $316.637 in the quarter that ended on September 30 but was so confident in its future that it planned to repurchase $200 million worth of its shares.

The company also announced a partnership with real-money gaming operator Bwin.party to run poker, roulette, blackjack and other virtual casino games in Britain.

In October, Zynga began trimming workers, shuttering studios and shelving older titles to get in better financial shape.

Zynga planned to trim five percent of its approximately 3,300 full-time workers and dump 13 games, along with significantly cutting its investment in "The Ville" franchise.

The cost-cutting moves are intended to let Zynga focus on more promising games and ramp up its network on the Web and on mobile devices.

Zynga rose to stardom by tailoring games for play by friends on Facebook and went on to create its own online playground at zynga.com.

The booming popularity of playing games on smartphones or tablet computers took a toll on Zynga's online social network offerings, prompting the company to make shifting to mobile a top priority, according to Pincus.

Explore further: Zynga posts 4Q net loss on IPO-related stock costs

Related Stories

Zynga posts 4Q net loss on IPO-related stock costs

February 14, 2012

(AP) -- Online game maker Zynga Inc. reported a net loss in the last three months of 2011, weighed by hefty stock-compensation expenses and other costs in its first quarter as a public company.

Game maker Zynga stock tanks after weak 2Q report

July 25, 2012

(AP) — Zynga Inc. lost money and received less revenue than anticipated in the second quarter because "CityVille," ''FarmVille" and other games are not attracting as many paying players as they should.

Zynga chief operating officer leaves the game

August 9, 2012

Zynga's chief operating officer folded his cards on Wednesday, leaving the social games company just as heavyweight Amazon.com steps into the ring and rival Electronic Arts (EA) takes it to court.

Chief creative officer leaves Zynga

August 29, 2012

Another top Zynga executive has cashed in his chips as the social games company behind "Zynga Poker" and "Farmville" strives to improve its fortunes after a losing fiscal quarter.

Zynga chief marketing, revenue officer resigns

September 10, 2012

(AP)—Jeff Karp, the chief marketing and chief revenue officer at Zynga, has become the latest executive to leave the struggling online company behind "FarmVille" and other games.

Zynga to report 3Q net loss, take charge

October 4, 2012

(AP)—Zynga expects a loss for the third quarter and says its preliminary results reflect weak demand for some games. It's also taking a charge related to its acquisition of OMGPop, a mobile game maker.

Recommended for you

Schlieren images reveal supersonic shock waves

August 27, 2015

NASA researchers in California are using a modern version of a 150-year-old German photography technique to capture images of shock waves created by supersonic airplanes. Over the past five years scientists from NASA's Armstrong ...

Interactive tool lifts veil on the cost of nuclear energy

August 24, 2015

Despite the ever-changing landscape of energy economics, subject to the influence of new technologies and geopolitics, a new tool promises to root discussions about the cost of nuclear energy in hard evidence rather than ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.