Fri, Nov 16, 2012 | 11:42 GMT
Zynga CEO almost tearful over brand’s ‘discouraging’ financial position
Zynga CEO Mark Pincus was said to be ‘near tears’ during a meet up with Apple director Bill Campbell over the company’s rapidly degrading position. Campbell revealed that Pincus is discouraged by the matter to the Wall Street Journal, painting a grim image of Zynga’s recent poor fortune. Get more details below.
GI.biz reports that Campbell spoke with Pincus during a meeting set up by Zynga investor Kleiner Perkins Caufield & Byers in a bid to gain advice that could turn the failing company around.
Speaking with the Wall Street Journal during a separate interview, Pincus put Zynga’s financial nose dive down to, “Rapid change in player habits,” and argued that, “social technologies have dictated fundamental changes at Zynga. And when businesses change, it’s inevitable that some people will choose to leave.”
Zynga recently axed two of its social games in a bid to curb company losses, and to restructure its portfolio. But the move didn’t stop the company CFO jumping ship to Facebook, and company treasurer Mike Gupta moving to Twitter.
At the time of writing Zynga’s stock is worth $2.29 per share. Brenna recently gave an account of the company’s misfortune, 5% workforce lay-offs and the issues with social gaming as a whole. Check out the piece here: