Zynga CFO Jumps Ship

Zynga CFO Jumps Ship

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Zynga CFO David Wehner has left the troubled social game developer for a position at Facebook.

David Wehner, who joined the social game developer in 2010 replacing Mark Vranesh, has left Zynga to take up a role at Facebook. Replacing Wehner is Mark Vranesh, whose 2010 demotion to Chief Accounting Officer has been reversed.

"This is a role [Vranesh] knows well," said CEO Mark Pincus in an official statement. "He was our CFO during our rapid growth as a private company." Pincus claimed that the changes - which included a reshuffle of several senior jobs - came at just the right time, as the company is about to position itself for "long-term growth" and the senior team he now has will help achieve that growth.

Pincus wished Wehner well. "Dave provided great leadership to our financial team over the past two years," Pincus said, "helping guide the company's transition from startup through IPO." You may remember that Zynga's plummeting share price since the IPO resulted in allegations of insider trading. Wehner was one of those who did well from share sales before the crash, netting $4.6 million from his sale of 386,000 Zynga stocks.

Pincus also reaffirmed the financial projections offered in Zynga's latest financial report. That report included hints of a cost reduction plan expected to generate $15 to 20 million in savings, and which meant the reduction of Zynga's workforce by 5%. If Anonymous is to be believed, the plan also includes relocating development jobs to India.

Source: Joystiq

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I wonder how low Facebook shares will be by the time he's through with them.
Zynga's relocation plans don't exactly curry favor with me.

I guess he didn't want to be captain sinking with his ship...

Exactly his thoughts when he decided to leave.

If I could see their HQ I'd bed even the rats are escaping the building.
This will also scare the investors, maybe, into selling stock while it's still worth didily and not piddily.

Die Zynga die! I mean... hope that this company can keep alive... and continue to...... put out quality... *Head explodes*.

Man...this is no fun at all.
My marshmallows are burning WAY too quickly over the flaming wreckage that is Zynga...
...or should that be "was" Zynga?

it looks a little like they're putting the person they don't care about in the position to catch the most flak.

Micah Weil:
Man...this is no fun at all.
My marshmallows are burning WAY too quickly over the flaming wreckage that is Zynga...
...or should that be "was" Zynga?

how about just a ba-zynga?

Not G. Ivingname:
I guess he didn't want to be captain sinking with his ship...

But judging by shareprices and Facebook's recent inclusion of microtransactions I'd say he just got off the Titanic onto the Lusitania.

Although he just got over $4 million cash from his Zynga shares, so it's not like he needs a job. Anyone else frustrated at these complete assholes who still manage to make huge successes of themselves while dicking up everything around them?

Karloff:
Zynga CFO Jumps Ship

Karloff:
Zynga CFO David Wehner has left the troubled social game developer for a position at Facebook.

Karloff:
"He was our CFO during our rapid growth as a private company."

What is a CFO?

Wow, talk about a giant "fuck you".

Leave the company in a pile of shit while you jump ship to Facebook with $4.6 million, leaving some poor asshole to clean up.

I feel sorry for Mark Vranesh. So much for a "promotion".

Evil Smurf:

Karloff:
Zynga CFO Jumps Ship

Karloff:
Zynga CFO David Wehner has left the troubled social game developer for a position at Facebook.

Karloff:
"He was our CFO during our rapid growth as a private company."

What is a CFO?

Chief Financial Officer.

You know, I see the responses a lot on Zynga threads declaring that it's practically dead anyway and they're just beating a rotting corpse. But Jesus Christ, these people are talking about long-term growth! Either they're painfully oblivious or they're not dying quickly enough.

But if he's behind microtransactions, well, I think he'll be fairly redundant at Facebook to be honest, they seem to have that covered. It just really makes one lose faith in the world when these dickbags are just scurrying from company to company and you know they'll be doing the same shit wherever they are. I dread the day when Zynga finally dies and most of its employees are taken up by some other company that was previously not shit. If anything, maybe its better that we know where they all are and can just avoid the games.

Hero in a half shell:

Not G. Ivingname:
I guess he didn't want to be captain sinking with his ship...

But judging by shareprices and Facebook's recent inclusion of microtransactions I'd say he just got off the Titanic onto the Lusitania.

Although he just got over $4 million cash from his Zynga shares, so it's not like he needs a job. Anyone else frustrated at these complete assholes who still manage to make huge successes of themselves while dicking up everything around them?

Personally I like to think of it as got off the Titanic and got on the ICEBERG. :P

Although, I did misread this thread title. I thought it was CEO not CFO, so it is more like a midshipman than the captain.

MeChaNiZ3D:
You know, I see the responses a lot on Zynga threads declaring that it's practically dead anyway and they're just beating a rotting corpse. But Jesus Christ, these people are talking about long-term growth! Either they're painfully oblivious or they're not dying quickly enough.

No, they are just lying.

 

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