3 Zynga Executives Have Resigned In The Past Month
Jul 30, 2013, 20:52 IST
Flickr/kkDon Mattrick, CEO of ZyngaTough times continue at Zynga, Mark Pincus' gaming company, as it struggles to succeed in mobile. Three executives have departed in the past month, Bloomberg's Douglas MacMillan reports. SVP of games John Osvald, Zynga Casino VP Jesse Janosov and VP of games Nathan Etter all resigned. Etter departed to join Disney. All three put in their notice after Don Mattrick was hired to replace Pincus as CEO. It's not clear if they left before earnings were reported last Thursday, which sent the stock spiraling 18% after hours. Zynga is battling a heavy decline in users as it shifts to mobile. In its Q2 earnings call last week it reported 187 million monthly active users, down 39% from the year prior. Daily active users were down 45%. Zynga has also decided to ditch real money gambling (RMG), one reason many of its shareholders bought the stock. Many believed, if legalized, Zynga was best positioned to own the market. Worse, Zynga didn't offer a good reason for the change in its roadmap. Finally, it seems inevitable that Zynga will need to lay off more people. It's 2,300 people strong, which means it employs nearly 2,000 more people than some of its strongest competitors, such as Rovio, SuperCell and King.com.