Zynga Names New CFO, COO
Social games company Zynga today announced several management changes today following a series of high-level executive departures in recent months. Mark Vranesh, chief accounting officer, was promoted to chief financial officer, and David Ko, previously Zynga’s mobile chief, was named chief operating officer.
Vranesh succeeds David Wehner, who is leaving Zynga to take a senior finance position at Facebook. Barry Cottle, who had led business and corporate development, was appointed chief revenue officer, while Steven Chiang, formerly VP of games, was named president of games.
The executive shuffle comes about two weeks after Zynga reported a third-quarter loss of $52.7 million, or 7 cents a share, and announced the layoffs of 150 employees -- or 5% of its staff in the U.S. and the U.K. -- to reduce costs. The company has suffered from a number of disappointing game releases this year and struggled to adapt its business model to growing mobile usage.
Zynga on Tuesday also reaffirmed its reduced 2012 financial outlook when it reported third-quarter earnings Oct. 24.