This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Brain Drain at Zynga: CFO Leaves For Facebook

NEW YORK ( TheStreet) -- Zynga (ZNGA) announced that Dave Wehner resigned as Chief Financial Officer on Tuesday, the latest high-profile departure at the social gamer. Any concerns about Wehner's exit, though, could be overblown, says Jefferies analyst Brian Pitz.

In an analyst note discussing the transition, Pitz noted a level of comfort with the move, as Chief Accounting Officer Mark Vranesh takes back the role of Zynga CFO. He was previously the company's finance chief from 2008 to 2010, having overseen the company's IPO. "We have worked with Mark in the past, and are extremely comfortable with the transition," Pitz wrote in his note. He rates shares "hold" with a $2.50 price target.

Wehner is leaving the company to take a senior finance position at Facebook (FB).

There were other organizational changes at Zynga this week. David Ko, who had been Zynga's Chief Mobile Officer, has been promoted to COO. Barry Cottle was named Chief Revenue Officer, and Steven Chiang was named President of Games.

"Dave remains a good friend to us all and we wish him success in his next role," said CEO and founder Mark Pincus in the press release. "Mark, David, Barry and Steve are rooted in our culture, committed to our future and part of the talented bench of leadership at Zynga. I'm confident we have the right team to deliver on our mission of connecting the world through games and position us for long-term growth."

Others believe that Wehner's departure at a time of uncertainty for the company will only add to the risks for the San Francisco-based social gaming company.

Piper Jaffray analyst Michael Olson called the loss "a major distraction for the Zynga management team, development teams and social gaming partners." He lowered his price target to $2.50, but kept his "neutral" rating.

Zynga has lost a number of key executives in recent months, including the company's Chief Creative Officer, Mike Verdu, the Chief Marketing and Revenue Officer, Jeff Karp, and others. Wehner's transition is the latest, though the fact that the company reaffirmed its 2012 financial outlook is a good sign for the company.

Zynga shares are higher in Wednesday trading, up 3.23% to $2.18.

Interested in more on Zynga? See TheStreet Ratings' report card for this stock.

--Written by Chris Ciaccia in New York

>Contact by Email.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,299.31 +33.32 0.19%
S&P 500 2,010.13 -1.23 -0.06%
NASDAQ 4,572.4620 -20.9630 -0.46%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs