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.
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.
A long-time follower of the IPO scene, back in 1999 Tom started one of the first sites in the space called WebIPO. It was a place where investors got research as well as access to deals for the dot-com boom. Tom also wrote the top-selling book, Investing in IPOs. In it, he covers all the aspects of analyzing an IPO, such as reading the prospectus, detecting the risk factors and understanding some of the arcane regulations. But don’t worry — if that process is too intimidating for you, thankfully Tom will do the legwork for you right here in the IPO Playbook blog.
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