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Tuesday, 11 September 2012 - Zynga loses another executive in top-level exodus |
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See the best of Reuters photography.  See more | Photo caption  WTC rises again The new World Trade Center surpasses the Empire State Building as the tallest building in New York.  Slideshow  Striking miners Demonstrations continue as wage talks to end the month-long Lonmin strike fail to start as scheduled.  Slideshow  Zynga loses another executive in top-level exodus Tweet Share this Email Print Related News Groupon sheds quarter of its value as Street questions biz Tue, Aug 14 2012 Groupon results, forecast disappoint on European woes Mon, Aug 13 2012 Related Topics Tech » Facebook » The corporate logo of Zynga Inc, the social network game development company, is shown at its headquarters in San Francisco, California April 26, 2012. Credit: Reuters/Robert Galbraith SAN FRANCISCO | Mon Sep 10, 2012 4:48pm EDT SAN FRANCISCO (Reuters) - Zynga Inc's chief marketing officer has resigned, becoming the latest senior executive to depart the struggling social games company behind popular Facebook Inc games such as Farmville. Jeff Karp joins chief operating officer John Schappert and chief creative officer Mike Verdu among the top executives who have quit since August. The world's largest social games maker, which has shed almost three-quarters its market value since a much-heralded debut in December, did not cite a reason for his departure in a filing on Monday. Zynga, which is struggling to staunch growing losses of users, was one of several consumer Internet companies that listed on stock markets to much fanfare in late 2011. Groupon Inc has lost almost four-fifths its value since its own IPO, which was marred by questions about its accounting practices. On Monday, it named Brian Stevens as its new chief accounting officer. Zynga has reported a net loss for its second quarter and cut its full-year earnings per share forecast, news that has resulted in shareholder lawsuits against the company. The company blamed its poor quarter on sudden changes to Facebook's algorithm and delays in its pipeline of new titles. Its shares closed 2.1 percent lower at $2.82 on Monday. (Reporting By Alistair Barr and Edwin Chan. Editing by Andre Grenon) Tech Facebook Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints   We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. 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