Tags: zynga | vice-president | stock | price

Zynga Said to Lose Two Vice Presidents Amid Stock Price Tumble

Thursday, 30 August 2012 04:33 PM EDT

Zynga Inc. vice presidents Bill Mooney and Brian Birtwistle have departed, following other top managers amid slowing sales and a stock decline at the biggest maker of social games on Facebook Inc., a person with knowledge of the matter said.

Mooney, a vice president of studios, and Birtwistle, a vice president of marketing, resigned this week, said the person, who asked not to be identified because the departures aren’t public.

Chief Executive Officer Mark Pincus has been unable to keep managers from leaving as the company’s share price decline erodes the value of equity used to compensate staff. The CEO recently told staff they would receive option grants.

The departures of Mooney and Birtwistle came the same week that Mike Verdu, Zynga’s former chief creative officer, left to start his own company and in the same month that at least four other managers defected.

Mooney, who worked on the Zynga Game Network, was hired from Lucasarts Entertainment Co. in 2008, according to his profile on LinkedIn Corp.’s site. Birtwistle, a former manager at Amazon.com Inc., began at Zynga last year and was general manager of the company’s popular “FarmVille” game.

Through Wednesday, shares of Zynga had declined 70 percent since the company’s December initial public offering. Thursday, the stock fell 2.3% to end at $2.89.

Dani Dudeck, a spokeswoman for San Francisco-based Zynga, didn’t immediately comment.

© Copyright 2024 Bloomberg News. All rights reserved.

Thursday, 30 August 2012 04:33 PM
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