Zynga COO Leaves Company
John Schappert's resignation comes as the game-maker grapples with a stock that has plunged 42 percent over 11 trading days.
Two weeks after Zynga reported lousy quarterly financial results, sending its stock price into a tailspin, the company has revealed in a regulatory filing that COO John Schappert is resigning as an executive and board member.
News of Schappert's resignation comes a week after insiders said he was being partially blamed for an atrocious quarter and had been stripped of some of his duties.
Schappert was one of the more seasoned video-game executives at Zynga, having been lured to the maker of Facebook and other social games via a hefty pay package reportedly worth north of $40 million. Previously, he was with Electronic Arts.
Late last month, Zynga, the maker of Words With Friends and Draw Something, reported a second-quarter profit -- after certain items -- of a penny, missing Wall Street's expectations of 6 cents and causing the stock to plunge after the closing bell.
On Wednesday, Zynga shares were trading at $2.95 apiece, down 71 percent from their December IPO price of $10 and off 42 percent since its second-quarter financial report.