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Zynga COO steps down

Only weeks after the firm posted a significant decline in revenue
Thu Aug 09 2012, 11:52
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SOCIAL GAMING OUTFIT Zynga has announced that its chief operating officer (COO) has stepped down during a period of financial turmoil.

John Schappert, a former Electronic Arts executive, resigned on Wednesday, the company said in a regulatory filing.

The resignation comes just two weeks after Zynga reported a significant loss in its second quarter ended 30 June, causing the company's share price to plummet more than 40 per cent.

Whatever the firm's financial state, the filing said that the decision did not arise from "any disagreement with the Company on any matter relating to the company's operations, policies or practices".

Zynga, which is renowned for creating online games such as Farmville and Cafeworld that are featured on social network Facebook, hasn't yet announced a replacement for Schappert.

"John has made significant contributions to the games industry throughout his career and we appreciate all that he has done for Zynga," the firm's CEO Mark Pincus told Reuters on Wednesday. "John leaves as a friend of the company and we wish him all the best."

Posting revenue of $332 million, the company recorded a net loss of $22.8 million in July, compared to a $1.4 million profit a year earlier. µ


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