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Hoffman, Katzenberg leave Zynga's board

  • VC/LinkedIn co-founder Reid Hoffman (an early Zynga investor) and DreamWorks CEO Jeffrey Katzenberg have left Zynga's (ZNGA) board. Zynga's site now shows 7 directors.
  • Due to the departures, Zynga is no longer compliant with a Nasdaq rule that requires a majority of independent directors. The board (what's left of it) is "actively identifying, evaluating and recruiting potential candidates."
  • Hoffman and Katzenberg's exits come as Don Mattrick continues to overhaul Zynga's executive ranks.
Comments (20)
  • haleiwahu
    , contributor
    Comments (3523) | Send Message
     
    Interesting situation! Should be an interesting next couple of months for Z.
    13 Jun, 06:42 PM Reply Like
  • nedilwo
    , contributor
    Comments (63) | Send Message
     
    I hope it's an interesting few months. I commented below, but am also replying with this link to read. http://reut.rs/1nHBJKL
    15 Jun, 04:00 PM Reply Like
  • sobay5some
    , contributor
    Comments (15) | Send Message
     
    And after affirming the insanely huge salary for Don. Hope Don is worth every penny.
    13 Jun, 06:50 PM Reply Like
  • Kamil Kolacek
    , contributor
    Comments (813) | Send Message
     
    The ship is sinking, the time to abandon was looooooong ago.
    13 Jun, 07:54 PM Reply Like
  • z06
    , contributor
    Comments (63) | Send Message
     
    This lack of vision is why guys like you buy at the top and sell at the bottom. One mans trash is another mans fortune.
    Don and team are proven winners. It would be very difficult if Don tried to win with the same team that couldnt win before. He needs people that know what the hell they are doing, like himself.
    My bet is that by 2016 Don will be on the Cover of fortune Magazine as one of the Top turnaround CEO's of our time.
    He is the Steve jobs of Gaming. I would not bet against Don and Clive Downie. Stock is at or near historical bottoms. The next year should prove interesting. I am in long and like what I am seeing. Don is making all the right moves. Share price will soon follow as New and BETTER games surface. Huge partnerships, License agreements in the works, Think Call of Duty 4, Warner Bros, Activision Blizzard. Meep Meep.. Its just starting for ZNGA!
    14 Jun, 02:23 PM Reply Like
  • SKVAM
    , contributor
    Comments (83) | Send Message
     
    It's part of the restructuring, I would think. The board that brought Zynga down by not keeping up with creativity and mobile devices should be restructured. No, the ship is not sinking, it is part of getting the ballast of the ship so it can move faster. So be it. Zynga should head to 6-7 dollars a share, with an upside I have seen from 14 to 30 dollars a share. They need to boost creativity, marketing, not sell out to any other firm, and continue moving into mobile.
    13 Jun, 11:19 PM Reply Like
  • romilar
    , contributor
    Comments (662) | Send Message
     
    SKVAM, I like the ballast analogy and I agree with Dons' "clean sweep" approach. The worst thing any CEO can do, IMO and in this context, is prolong the inevitable.

     

    Dead wood bears no fruit....Rom
    14 Jun, 12:50 AM Reply Like
  • sobay5some
    , contributor
    Comments (15) | Send Message
     
    On June 4th, Don presented at the B of A conference. The day after, the share got hammered. The market did not like Don's answers. Read the transcript, I certainly was confused and not understanding what he was saying. Then, the share recovered on the third day, after the CFO was interviewed. Hope this was not a reflection on Don's ability. But at this critical juncture for the company, and Don is supposedly the guy who will fix the problems, he did not instill confidence to the market. Perhaps the CFO can do a better job of fixing ZNGA's ills?
    14 Jun, 01:48 AM Reply Like
  • noChinesestock
    , contributor
    Comments (40) | Send Message
     
    Why Z has problems?It's not Mattrick'k fault,I will blame the old management .Mattrick is doing right things now.
    14 Jun, 08:41 AM Reply Like
  • inkyx
    , contributor
    Comments (384) | Send Message
     
    How about looking at the chart and with several time measurements. I'm liking it and adding here.
    14 Jun, 11:55 AM Reply Like
  • z06
    , contributor
    Comments (63) | Send Message
     
    90% of the games for Mobile are CRAPOLA.. the games that should be made for Mobile are in the works and will take Mobile gaming to the level that could not be possible before. Why do you think Microsoft wanted to buy ZNGA in 2010 just before the IPO'd. Don see's whats ahead and will make it happen.
    Poblem with investors and analyst is they cannot comprehend what they cannot see and or invision themselves. So we must wait for Don to release the new stuff. Once that happens we will all be in an A-Ha moment. The Wow factor is coming to Mobile. Stear clear of the noise, bashing and nay sayers. Stay patient, take advantage of the low share price and your future will be cleary better financially. This is a life changing opportunity for those can vision whats coming to this new and Exciting market.
    14 Jun, 02:29 PM Reply Like
  • z06
    , contributor
    Comments (63) | Send Message
     
    I listened to Kings conf. You realize their strategy is to toss pasta against the wall with the motto of Fail early and fail cheap! This was clearly stated by King. They got lucky with one major title, Candy Crush- That game is fading QTR over QTR.
    King will not allow ads on their games, huge missed opportunity. Their strategy is to have a lot of new games of which only a small few will make the cut.
    ZNGA strategy is to decide up front what people want and then build games around those attributes. Build winners form day one. Different mindset and more clarity with the future and your customer. Consumer Insight and Market research is the future of development in many areas. Glad ZNGA is using this.
    14 Jun, 02:35 PM Reply Like
  • Patent News
    , contributor
    Comments (1321) | Send Message
     
    the big-wigs are resigning because the company is NOT turning around they do not see any upside
    15 Jun, 08:01 AM Reply Like
  • inkyx
    , contributor
    Comments (384) | Send Message
     
    Thanks for the clarification on the internal movements of the ZNGA board. I'm not privy to big-wig shenanigans so knowing they know what they know from an insider really helps. Patent News I'm following you now. Give us more of those insider insights from your network.
    15 Jun, 02:49 PM Reply Like
  • z06
    , contributor
    Comments (63) | Send Message
     
    I disagree, these were the BOD members who failed to guide the company in the right direction in the first place. My guess is these guys added no value and were ASKED to step down.
    Don needs a Team of winners. New direction new BOD new managment. ZNGA is a Impressive turnaround story in the making.
    17 Jun, 08:30 AM Reply Like
  • haleiwahu
    , contributor
    Comments (3523) | Send Message
     
    Time will tell. I hope for the sake of investors that you're right
    22 Jun, 11:58 AM Reply Like
  • nedilwo
    , contributor
    Comments (63) | Send Message
     
    The departure of the Hoffman and Katzenberg is not new news. See http://reut.rs/1nHBJKL
    April 10, 2014 it was announced that David Lee from Best Buy was appointed CFO (replacing Mark Vranesh, who decided to leave Z, but reportedly stayed on for a month during the transition). In the same news feed, it states, "Two of nine directors on its board, LinkedIn co-founder Reid Hoffman and DreamWorks Animation CEO Jeffrey Katzenberg, will not run for re-election at the company's 2014 annual stockholders meeting, according to the filing. The board is currently seeking out candidates to fill those positions, the company said."

     

    So, why all the "excitement" if their departures were a known fact? CEO Don Mattrick seems to know what he's doing. This has been in the works as M tackles Zynga's turnaround. I have not heard of any potential appointments, but Mattrick isn't stupid.
    15 Jun, 03:55 PM Reply Like
  • haleiwahu
    , contributor
    Comments (3523) | Send Message
     
    I wonder what the odds are that a company, maybe even AMAYA will step up to the plate and buy out Z?

     

    http://bit.ly/1n0Rj0O
    15 Jun, 05:01 PM Reply Like
  • inkyx
    , contributor
    Comments (384) | Send Message
     
    Why would they? ZNGA will do fine on their own!
    15 Jun, 10:58 PM Reply Like
  • nedilwo
    , contributor
    Comments (63) | Send Message
     
    Well, I just saw this little blurb. OOPS!
    Correction to Zynga, Nasdaq Headline on Friday
    June 16, 2014 11:15 AM ET Dow Jones
    Zynga received a noncompliance notice from Nasdaq. A headline at 5:43 p.m. EDT Friday, June 13, 2014 incorrectly said it was a delisting notice.
    16 Jun, 05:34 PM Reply Like
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