Mon, Nov 21, 2011 | 01:10 GMT
Former MySpace CEO steps down from Zynga executive role
Owen Van Natta has announced he will renounce his executive role at social games giant Zynga, but remain attached to the company as one of its directors.
The Huffington Post reports Van Natta has forfeited 4.6 million shares by stepping down before Zynga’s initial public offering, which is expected to take place later this year.
Van Natta retains the 2.1 million shares garnered over the course of his executive role, which had vested prior to his resignation.
It’s not clear why Van Natta has chosen to step down at this time; neither the executive nor Zynga has given any explanation.
Van Natta is probably best known as the man who jumped ship from Facebook for MySpace, later serving as CEO at the ailing social network.
Zynga was recently involved in a scandal over employee-held stock as it prepares to makes its IPO; it is seeking $1 billion.