Zynga CFO Ditches Company for Facebook

But investors have still sent the struggling stock upwards

   

Zynga’s (NASDAQ:ZNGA) chief financial officer David Wehner has bolted from the company. His new gig is a senior finance post at none other than social media giant Facebook (NASDAQ:FB).

Usually, investors get jittery on news like this, but that hasn’t been the case with Zynga. In fact, shares are up about 3% in today’s trading.

apple logo on grass 630 aapl 200x200 Zynga CFO Ditches Company for Facebook
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Then again, it has been fairly normal to see executive defections at the beleaguered company. Plus, the shares are still down about 77% since the IPO in December.

Zynga also reshuffled its existing ranks. Mark Vranesh was the chief accounting officer, but will now be the new CFO. David Ko — known as a mobile guru — will take the position of chief operating officer.

The company also confirmed its guidance for 2012 bookings: $1.09 billion to $1.1 billion. Adjusted profits are expected to range from 2 cents to 3 cents a share.

Tom Taulli runs the InvestorPlace blog IPOPlaybook, a site dedicated to the hottest news and rumors about initial public offerings. He is also the author of “How to Create the Next Facebook.“ Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, http://investorplace.com/ipo-playbook/zynga-cfo-ditches-company-for-facebook/.

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