Tags: zynga | game | online | executive

Zynga Loses Another Executive in Top-level Exodus

Monday, 10 September 2012 05:07 PM

Zynga Inc's chief marketing officer has resigned, becoming the latest senior executive to depart the struggling social games company behind popular Facebook Inc games such as Farmville.

Jeff Karp joins chief operating officer John Schappert and chief creative officer Mike Verdu among the top executives who have quit since August. The world's largest social games maker, which has shed almost three-quarters its market value since a much-heralded debut in December, did not cite a reason for his departure in a filing on Monday.

Zynga, which is struggling to staunch growing losses of users, was one of several consumer Internet companies that listed on stock markets to much fanfare in late 2011.

Groupon Inc has lost almost four-fifths its value since its own IPO, which was marred by questions about its accounting practices. On Monday, it named Brian Stevens as its new chief accounting officer.

Zynga has reported a net loss for its second quarter and cut its full-year earnings per share forecast, news that has resulted in shareholder lawsuits against the company.

The company blamed its poor quarter on sudden changes to Facebook's algorithm and delays in its pipeline of new titles.

Its shares closed 2.1 percent lower at $2.82 on Monday.

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Monday, 10 September 2012 05:07 PM
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