Words With Friends: Zynga COO Says 'I Quit'
NEW YORK (TheStreet) -- If you're looking for someone to play Words With Friends with, former Zynga (ZNGA) chief operating officer John Schappert may accept the invite. Or given his abrupt resignation, he may not.
Schappert, an industry executive who came from Electronic Arts (EA), is resigning, effectively immediately, according to an 8-K filing the company made.
Schappert resigned from the board of directors, as well as from the COO post. He was a member of the mergers and acquisitions committee of the board.
The San Francisco, Calif.-based social gaming company recently went through a reorganization, as it tries to focus on revenue growth amidst its recent weak earnings guidance for the rest of 2012. Zynga cited "delays in launching new games, a faster decline in existing web games due in part to a more challenging environment on the Facebook web platform, and reduced expectations for Draw Something." It now sees earnings of 4 to 9 cents a share. Wall Street analysts were looking for earnings of 27 cents per share.
Zynga's chief mobile officer David Ko and EVP of games Steve Chiang will report to CEO Mark Pincus. They had previously reported to Schappert. "The company noted that Mr. Schappert has made significant contributions to the games industry throughout his career and it appreciates all that he has done for the company. The company further noted that Mr. Schappert leaves as a friend of the company and it wishes him all the best," the filing said. Shares of Zynga fell 2.06% to close at $2.95 in Wednesday trading, and were down by 2% in after hours trading. Interested in more on Zynga? See TheStreet Ratings' report card for this stock. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. --Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_BullSelect the service that is right for you!
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