There seems to no end to “FarmVille” maker, Zynga Inc.’s (NASDAQ: ZNGA) ordeal. While its share have been hammered in the recent past after the compnay failed to respond to changing videogame market dynamics, it also kept losing its top executives one by one. Joining the list of top executives who have left the company recently is Jeff Karp, who acted as Chief Marketing and Revenue officer at Zynga. Karp joined the Company in August 2011.
Although Karp, in effect, is no more Zynga’s chief marketing and revenue officer he will continue to remain with the company with a capacity as a non-officer until September 2012 in order to transform company from its current lows, as per the separation agreement.
Just few days ago, John Schappert, who served as Chief Operating Officer resigned from his post. His tenure was less than a year and half. Following Mr. Schappert’s departure, Mike Verdu, who acted as Chief Creative Officer, also resigned from his post. Although Mr. declined to comment over his exit, he said that wanted to start his own venture.
According to Zynga, groups that were overseen by Karp, have been moved to other segment of the company. As results, there will not be any replacement for Karp.
Commenting over Jeff Karp’s decision to leave the company, Zynga in its statement wrote, “We are grateful to Jeff for his contributions over the last year and wish him well in his future endeavors.”
Karp will be receiving his severance for three months of his salary and the company will step up the pace of vesting 100,000 of stock he had received.
Despite high rate of executives departing the company, Zynga has downplayed the attrition. Citing that its “well below” the industry’s average.
The company severly criticized for its overdependence on Facebook Inc. (NASDAQ: FB) platform is gradually shifting towards more widely used mobile platforms in order to ward off its flagging growth and falling users.
On Monday, ZNGA shares fell in aftermarket hours trading.
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