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S hares of online social games maker Zynga (ZNGA) tumbled Thursday after the news that CEO Don Mattrick is leaving and Mark Pincus, Zynga’s founder, chairman and former CEO, is retaking control of the troubled firm. Zynga stock was down 14%, near 2.50, in midday trading on the stock market today. San Francisco-based Zynga announced the leadership change late Wednesday. Mattrick was recruited from Microsoft (MSFT) in July 2013 to help turn Zynga around, but analysts say his tenure was marred by missteps. They also expressed pessimism that Pincus will be very effective. “While we have been critical of Mattrick during his tenure, we are very skeptical that bringing back Pincus, who created the problems that Mattrick was brought in to fix, is the answer,” Cowen analyst Doug Creutz said in a research report Thursday. Mattrick’s ouster suggests a lack of confidence in games in the pipeline, including… Scalper1 News
Scalper1 News