Social gaming company Zynga Inc. (ZNGA) executive resignation storm continues.It is reported that Nils Puhlmann, CSO (Chief Security Officer) of Zynga, recently has resigned from the company.
Puhlmann joined Zynga three years ago, and was responsible for all security-related business, and reported directly to the CIO (Chief Information Officer), Deborah Chrapaty.
Over the past several months, ZNGA stock price drasticly lost over 70% and a number of executives left. Given Zynga’s current plight, while employee equity awards have already been in place, some people feel that it is a good time to leave and find another job currently. Others were because kicked out by CEO Mark Pincus, who is directly in charge of game development, as the management restructuring.
Zynga COO (Chief Operating Officer), CIO (Chief Innovation Officer), CMO (Chief Marketing Officer) had quitted. Read the related article: ZNGA stock price falls as usual, executive leaves as usual.
According to Zynga’s latest earnings report, its second quarter revenue was $332 million, below analysts’ expectations of $344 million; despite representing a year-on-year growth of 19%. Net loss came in at $22.8 million, or 3 cents per share. Because the quarterly performance was far below Wall Street analysts’ estimates, ZNGA stock price plummeted more than 40% in the day after-hours that day.
A former employee of Zynga said the worst point of Mark Pincus is that he sold 16.5 million shares of ZNGA stock by a secondary offering three months after the company’s IPO. This selling amount was equivalent to 18% of the shares held by him. As the leader of the company, selling a large number of shares, was a heavy blow to the ordinary staffs who have to wait for six months to sell their shares, and also caused a number of people began to question the psychology of the executives on the company’s future.
ZNGA stock price swung this week, and finally settled at $3.23 on Friday, representing an increase oof 1.73% compared to the prior day’s closing price, and
ZNGA stock trades on a heavy daily average volume of 14.50 million shares. On the basis of the latest ZNGA stock price, Zynga has a market cap of $2.46 billion.