Analyst: Cost Cutting by New CEO Mattrick Will Help Zynga Rebound
The following is an excerpt from a report compiled by Michael Pachter of Wedbush Securities.
After the market close on Tuesday, Zynga (NASDAQ:ZNGA) published an email from CEO Don Mattrick to employees entitled “Organizational Update” in the company blog that outlined changes to the company’s leadership team. According to the post, which is included on the next page, the changes were made after Mr. Mattrick’s interactions with a cross section of employees, and are “taking layers out of the executive rank to get senior leaders closer to important product initiatives.”
After listing senior leaders and their titles, Mr. Mattrick also disclosed three departures as reported earlier in the day by AllThingsD. David Ko (Chief Operating Officer), Cadir Lee (Chief Technology Officer), and Colleen McCreary (Chief People Officer) will be leaving the company to pursue other interests. Mr. Ko was promoted to COO from Chief Mobile Officer in November 2012. According to CrunchBase, prior to joining Zynga, Mr. Ko had served as SVP of Yahoo’s Audience, Mobile, and Local businesses. Mr. Lee had served as EVP and CTO since 2008 after co-founding Support.com, Inc. in 1997.