Dallas, Texas 04/11/2014 (FINANCIALSTRENDS) – Zynga Inc (NASDAQ:ZNGA) disclosed on 10th April that it has appointed a new chief financial officer in the person of David Lee and will also hold the post of chief accounting officer. He will be stepping in for Mark Vranesh who had joined the firm in 2008. The incoming CFO was previously working as senior vice president at Best Buy Co. Inc for its enterprise finance team.
Stock Took A Beating At The Browsers
It is also interesting to note that on the same day the announcement was made, the stock took a 6.8 percent stumble at the markets. The fall was in line with the losses posted by the whole host of other tech stock. The fall in their market valuations was caused due to analyst fears of current valuation levels of tech sector being over priced ahead of the 1Q earnings season. It is appropriate to note here that tech firms will start to announce their first quarter results from the next week.
Turn Around Strategy
The move to bring in a new CFO comes on the back of Zynga Inc (NASDAQ:ZNGA) working on implementing a new turnaround plan as per which, it is working towards achieving cost efficiencies. The effort is being monitored and led by its chief executive officer Don Mattrick. The move comes on the back of investors regaining confidence in the company’s after its long serving CEO Mark Pincus was forced out and Mr Mattrick was brought in from Microsoft Corporation to help the firm turn around its fortunes.
Executive Team Shuffled
On his part, Don Mattrick kick started his stint in the multi media and graphic software by shuffling his executive management team and bringing in fresh blood. He has in the previous year brought in Clive Downie from a Tokyo headquartered gaming firm to join the firm as its chief operating officer.
