Zynga named former Best Buy (BBY) executive David Lee as its new CFO and chief accounting officer as it continues to reshuffle its executives. Lee replaces Mark Vranesh, who will leave the FarmVille publisher.
Since taking over last summer CEO Don Mattrick made a number of executive changes, with the COO, CTO and HR chief leaving last August.
""David has a deep understanding of business management and a sharp financial acumen that will be invaluable to Zynga's long term growth and success," Mattrick said in a press release. "He has a track record of fostering cultures of excellence and navigating business transformations through sound counsel and strategic planning."
Must read: Warren Buffett's 10 Favorite Growth Stocks
TheStreet Ratings team rates ZYNGA INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate ZYNGA INC (ZNGA) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been weak operating cash flow."