Zynga Inc (NASDAQ:ZNGA) shares surge by 6.51%


Dallas, Texas 07/03/2013 (Financialstrend) – Zynga Inc (NASDAQ:ZNGA) closed in the previous trading session at $3.27 after going up by 6.51% (or $0.20). The intra-day range of the stock is $3.21-$3.48. The market capitalization of the company is $2.60 billion.

The latest news regarding Zynga is that its new Chief Executive Officer is Don Mattrick, who was leading the gaming business of Microsoft Corporation for six years. Zynga, a troubled casual games company, showed that its former CEO, Mark Pincus was behind this move, so that he could find a new CEO for the company.

Mr. Pincus said that he wanted to let everyone know the reason why he decided to appoint Mr. Mattrick. The former also added that he always addressed to Mr. Bing and to the rest of the Board that if he could find a better suited person as a CEO, he would do all he could to appoint that person.

Mr. Pincus however retains his voting control of the company, having the control of over 61% of the company’s stock. It is not clear why the former Chief Operating Officer of the company, John Schappert, who was also a former high ranking executive at Electronic Arts, Inc. has been ousted or why a lot of the other executives have left the company , or whether the reason behind all those developments was Mr. Pincus. However, it is clear that although he would not be the CEO of the company, he will still have control over the decision-making process.

As for the company’s investors, it remains to be seen whether Mr. Mattrick shall be able to bring about a change to the company.