by Tom Taulli | August 9, 2012 11:38 am
Zynga’s (NASDAQ:ZNGA) chief operating officer and board member John Schappert abruptly left the company yesterday. Really, though, it was not unexpected.
Just last week, Zynga announced that the games management responsibility would go from Schappert to Chief Mobile Officer David Ko and Executive Vice President Steve Chiang. Both will now report directly to CEO Mark Pincus.
With Zynga’s stock price down nearly 70% for 2012, the company has been scrambling. It’s had a tough time transitioning to mobile, and its Facebook (NASDAQ:FB) business has been slowing down.
Yet it’s far from clear if a management reshuffling will make much of a difference. Keep in mind that Zynga’s stock continues to be fairly weak.
Interestingly enough, the hiring of Schappert in April 2011 was considered a big win. He was the chief operating officer of Electronic Arts (NASDAQ:EA) as well as an executive at Microsoft (NASDAQ:MSFT). As a result, he got a pay package of $42.8 million last year.
Source URL: http://investorplace.com/2012/08/zyngas-coo-abruptly-resigns/
Short URL: http://invstplc.com/1fDj1Qd
Copyright ©2015 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.