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Facebook CFO Steps Down

Facebook CFO David Ebersman is stepping down. He was chief financial officer of the social networking behemoth for roughly five years. On June 1, 2014, he will be succeeded as CFO by David Wehner, currently Facebook's vice president, Corporate Finance and Business Planning. Mr. Wehner joined Facebook in November 2012 from Zynga, where he served as CFO. Earlier, he spent nine years at Allen & Company where he was a managing director. Mr. Wehner has a B.S. in Chemistry from Georgetown University, and an M.S. in Applied Physics from Stanford University.

Three Top Execs Leaving As Zynga Shuffles Ranks

Three C-level executives at Zynga, COO David Ko, CTO Cadir Lee and chief people officer Colleen McCreary, are leaving the company, as part of a corporate restructuring. Don Mattrick (CEO, Zynga): We are now calibrating against the market opportunity and developing detailed plans to achieve topline growth and improve profitability in the future. I have asked the leaders to sharpen their focus and properly densify talent to resource teams. Newly appointed CEO Don Mattrick is forming an executive team with the heads of the company's studios, functional area heads, and tech, live ops, and publishing chiefs. The team will report directly to him. Zynga studios leaders include Steve Chiang EVP Games, Villes and International, Barry Cottle, EVP Games, Social Casino, Travis Boatman, SVP Games, With Friends and Network, Tim LeTourneau,...

Zynga Reports Second Quarter 2013 Financial Results

Zynga reported financial results for the quarter ended June 30, 2013. Revenue was $231 million for the second quarter of 2013, a decrease of 31% compared to the second quarter of 2012 and a decrease of 12% compared to the first quarter of 2013. Online game revenue was $203 million, a decrease of 30% compared to the second quarter of 2012 and a decrease of 11% compared to the first quarter of 2013. Advertising revenue was $27 million, a decrease of 33% compared to the second quarter of 2012 and a decrease of 19% compared to the first quarter of 2013. Bookings were $188 million for the second quarter of 2013, a decrease of 38% compared to the second quarter of 2012 and a decrease of 18% compared...

Two Zynga CEOs Get Together

The new Zynga CEO will be officially taken up helm next week. Even as the company prepares for a leadership change, the two CEOs have come together as a show of solidarity. Outgoing CEO Mark Pincus, who reportedly holds 61 per cent of voting power, sent a note to Zynga employees explaining his decision to get a new CEO. The note was featured in the Zynga corporate blog, accompanied by a picture of the two. Mark Pincus: As I reflect on the past six years, I realize that I’ve had the greatest impact working as an entrepreneur with product teams, developing games that could entertain and connect millions. I’ve always said to Bing and our Board that if I could find someone who could do a better job as our CEO...

Zynga Gets A New CEO

Zynga has appointed Don Mattrick, formerly Microsoft's head of  Xbox and gaming division, as CEO and a member of the board, effective July 8, 2013. Mark Pincus, Zynga’s founding chief executive officer, remains board chairman and chief product officer of the company. The decision to switch CEOs comes in the middle of the company laying of some 520 employees, and closing offices. Mr. Pincus controlled 61 per cent of the company's voting power as of the end of March. Mr. Mattrick, 49, spent six years at Microsoft, the last three as president of the Interactive Entertainment Business. In that role, he was responsible for the team that grew Microsoft’s Xbox 360 global installed base by 700 percent to more than 75 million consoles, according to the statement...

Game Maker Zynga Lays Off 520 Employees

Zynga is laying off about 18% of its workforce, some 520 people. The workforce reduction will occur across all functions and is expected to be complete by August 2013, says the company. Mark Pincus (Founder and CEO, Zynga): We are saying painful goodbyes to about 18% of our Zynga brothers and sisters.  None of us ever expected to face a day like today, especially when so much of our culture has been about growth. Zynga is shifting focus from Web to mobile and multiplatform, which is where the next wave of social games will be played, says the company.   Zynga will record pre-tax restructuring charges of approximately $24 million to $26 million in the second quarter, and $2 million to $5 million in the third quarter. It also expects...

SEC Fines Nasdaq $10M Over Facebook – A Look At What Went Wrong

The Securities and Exchange Commission (SEC) has charged Nasdaq with securities laws violations resulting from what the SEC calls 'its poor systems and decision-making' during the initial public offering (IPO) and secondary market trading of Facebook shares. Nasdaq has agreed to settle the SEC’s charges by paying a $10 million penalty – the largest ever against an exchange. You can read SEC's order to Nasdaq here. George S. Canellos (Co-Director, Division of Enforcement, SEC): This action against NASDAQ tells the tale of how poorly designed systems and hasty decision-making not only disrupted one of the largest IPOs in history, but produced serious and pervasive violations of fundamental rules governing our markets. Nasdaq made a series of ill-fated decisions, says the SEC. Several members of Nasdaq’s senior leadership team convened...

Zynga Appoints John Doerr To The Board

John Doerr, general partner of Kleiner Perkins Caufield & Byers, has joined the Zynga board. John Doerr (General partner, Kleiner Perkins Caufield & Byers): In just five years Zynga has connected hundreds of millions of people to their friends for fun. What's exciting is this is still day zero — just the beginning -- of social gaming's potential. Other Zynga board members include William "Bing" Gordon, Reid Hoffman, Jeffrey Katzenberg, Stanley J. Meresman, Sunil Paul, Mark Pincus, Ellen F. Siminoff and Owen Van Natta. You may also be interested in: Nirvanix Hires Former Zynga CIO As CEO Former Zynga Business Development Head Joins Betable Zynga Marketing Chief Jeff Karp Departs Mike Verdu Leaving Zynga Zynga Appoints Ellen Siminoff Board Member Game On: Third Electronic Arts Exec Moves To Zynga

Zynga Launches Real Money Games In The UK

Zynga has launched the company's first real money games ZyngaPlusPoker and ZyngaPlusCasino powered by bwin.party,  in the UK on Wednesday. Barry Cottle (Chief Revenue Officer and executive vice president, Zynga): Our long term vision is to offer our players the next generation of real money games on multiple platforms in regulated markets worldwide. Zynga says it plans to launch social versions of real money games for players on Facebook and mobile in the UK throughout 2013. You may also want to read: Zynga To Offer Real Money For Games    

Nirvanix Hires Former Zynga CIO As CEO

Enterprise cloud storage company Nirvanix has appointed Debra Chrapaty as its CEO. Ms. Chrapaty will also remain executive chairwoman of the board, an appointment that was made in November 2012 in conjunction with Khosla Ventures and Intel Capital becoming the lead investors of the company. Ms. Chrapaty joins Nirvanix after a career at Zynga as CIO, where she oversaw their infrastructure design, technical and support operations. Before Zynga, Ms. Chrapaty was the senior vice president of Cisco’s Collaboration Software Group. She has also worked at Microsoft as a corporate vice president, and was president and COO of E*TRADE Technologies. Ms. Chrapaty graduated with a degree in economics from Temple University and received her MBA in Information Technology from New York University. You may also be interested in: Nirvanix Appoints...

Zynga Drifts Farther Apart From Facebook

Zynga is rolling out a revamped website, the beta version of.. Zynga.  The biggest change you will see is that you can create a Zynga account, separately from Facebook.  Starting next week, when you visit Zynga, you will see a new streamlined signup that lets you create your own account. You will also have the option to connect and share with Facebook.  Once upon a time, Zynga and Facebook helped build each other. The majority of Zynga's revenues still comes from games people play on Facebook; but both the companies have learnt the hard way that investors may link their financial fate as one. While Zynga is trying to make it on its own, Facebook has also opened itself up to other game studios and developers.  Over the...

Zynga Confirms November Software Acquisition

The November Software team joined forces with Zynga a few months ago, and they have been busy working on a new mid-core mobile game, writes co-founder Szymon Swistun on the Zynga blog. November Software was formed in January 2011,  to bring console gaming experiences to mobile. The team had expertise from working at LucasArts on games like Star Wars: The Force Unleashed 1 and 2; and built their own cross-platform 3D engine from the ground up.

Zynga To Offer Real Money For Games

Would you like to play FarmVille for money? If you are in the UK, now you actually can. Makers of the popular Facebook game FarmVille Zynga and bwin.party, a real money gaming operator, have signed an exclusive partnership to offer real money online Poker and Casino games in the UK market. Zynga’s UK-based real money games (RMG) service and bwin.party will launch RMG products including Poker and a full suite of 180 Casino games in the first half of 2013, which include table games such as slots, roulette and blackjack. In addition to the full suite of Casino and Poker games, Zynga’s UK-based RMG service will also leverage FarmVille, to offer local players the first-ever, online Farmville-branded real money slots game. Zynga’s real money UK poker customers will...

Hasbro To Launch Board-Game Versions Of Online Zynga Games

Toy and board-games maker Hasbro will launch eight new games this month, in collaboration with Zynga of the FarmVille fame. The family board games is expected to add a new dimension to Zynga's online repertoire of games and game characters, and will be based on some of its most popular tiles - Words With Friends, FarmVille, CityVille and Draw Something.  Users who purchase the Hasbro Zynga board games, will also get access to select digital content. Zynga currently has some 232 million monthly active users
.60 million users play Zynga games daily. Some of the new titles to be introduced include the FarmVille- inspired Hungry Hungry Herd, and CityVille Monopoly, among others.  The games will also be available in the U.K., Australia and Canada later this fall.

Zynga Marketing Chief Jeff Karp Departs

Jeff Karp, chief marketing and Revenue officer of Zynga, resigned from his position on September 10, 2012. In a filing with the SEC, Zynga said that pursuant to a transition and separation agreement, Mr. Karp will continue to be employed by Zynga in a non-officer capacity, and will provide transition services through September 22, 2012. Zynga will also pay Mr. Karp, as severance, an amount in cash equal to the equivalent of three months of his base salary in effect as of the separation date. Zynga will also pay Mr. Karp an amount in cash equal to three months of premium payments to extend his health insurance under COBRA, and  accelerate the vesting of 100,000 unvested Zynga Stock Units under Mr. Karp’s previous award. In...