Zynga loses senior managers
The Zynga logo is displayed on the front of the company's former headquarters in San Francisco, California. San Francisco - Zynga has lost three top executives this month, people familiar with the matter said, increasing the number of managers who have exited the struggling social-games developer. John Osvald, a senior vice president of games, Jesse Janosov, a vice-president who ran Zynga’s casino division, and Nathan Etter, a vice-president of games, all resigned this month, said the people, who asked not to be named because the departures aren’t public.
The departures are the latest of more than a dozen top managers who have left since the company’s December 2011 initial public offering, as waning demand for Zynga’s games on Facebook’s network has sent the shares down 70 percent, eroding the value of equity-based compensation. Stephanie Hess, a spokeswoman for San Francisco-based Zynga, declined to comment on the personnel changes.
At the time of its IPO, Zynga was the largest maker of games played on Facebook, with popular titles such as CityVille, FarmVille, and Mafia Wars. The IPO raised $1-billion, the biggest debut by a US Internet company since Google raised $1.9 billion in its 2004 IPO, according to data compiled by Bloomberg.
Since then, Zynga has lost traction on Facebook amid competition from startups such as King.com, developer of Candy Crush Saga.... Read the full, comprehensive news article and discuss at Business Report