Seeking Alpha

Mattrick cleans house: Zynga COO, CTO, HR chief reportedly leaving

  • Sources tell AllThingsD Zynga (ZNGA) COO David Ko, CTO Cadir Lee, and Chief People Officer (i.e. HR chief) Colleen McCreary "will step down from their positions" as part of a restructuring launched by new CEO Don Mattrick.
  • A company announcement is expected today.
  • Over the last year, Zynga has already seen huge layoffs and a C-suite restructuring that yielded a CFO change and Ko's appointment as COO. It has also seen an avalanche of executive departures amidst plunging bookings and a slumping stock price.
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Comments (6)
  • Tales From The Future
    , contributor
    Comments (6052) | Send Message
     
    This is a probably penny stock in a few months, the cash just sits there waiting to be burned...

     

    It will take months to turn things around even if Don Mattrick is successful giving this company a new direction (big if).
    13 Aug 2013, 05:06 PM Reply Like
  • DMND_Nutty
    , contributor
    Comments (85) | Send Message
     
    I seriously doubt this is a penny stock.. Be realistic they have cash and are restructuring. I expect a double for this stock by years end.
    13 Aug 2013, 05:45 PM Reply Like
  • haleiwahu
    , contributor
    Comments (3761) | Send Message
     
    haven't they been re-structuring for about 2 yrs now? $2.25 by years end. Just Watch.
    13 Aug 2013, 06:30 PM Reply Like
  • slcUTAH
    , contributor
    Comments (542) | Send Message
     
    Another day at the office for Zynga.

     

    -Cheers!
    13 Aug 2013, 05:30 PM Reply Like
  • Deja Vu
    , contributor
    Comments (1581) | Send Message
     
    I met this recent college graduate with a BS in computer science who got a entry level job about 18 + months ago at Zynga. I asked him how much he was making, he replied arrogantly to me "At Zynga we don't talk salaries, we only talk responsiblities". Of course he very soon told me that he, a fresh college graduate, made $130,000/year plus options.

     

    That's why Zynga is bankrupt and most of the other non money making Silicon valley darlings will be bankrupt too. A few like FB will survive but they will be the exception not the rule. Their cost structure is simply insane. A entry level programmer making 130,000 probably costs the company twice as much when taxes and benefits are factored in, so he was a quarter million dollar a year expenditure.
    13 Aug 2013, 07:23 PM Reply Like
  • not happy nana
    , contributor
    Comment (1) | Send Message
     
    zynga has been notorious in stealing fvc since Mattrick came onboard
    13 Aug 2013, 09:35 PM Reply Like
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