It seems the bad times aren't over for online game company Zynga. The latest in the series of not-so-good news after job cuts and slowing sales growth is its Chief Financial Officer's departure to Facebook.
Zynga announced CFO Dave Wehner will take a "senior finance position" at Facebook and the social networking company later clarified that his exact position at the firm will be vice president of corporate finance and business planning.
"Dave provided great leadership to our financial team over the past two years, helping guide the company's transition from startup through IPO. Dave has been a great partner for me, the senior team and the whole company," Zynga CEO Mark Pincus wrote in the company's blog post.
Mark Vranesh has been named the new chief financial officer.
"He was our CFO during our rapid growth as a private company," Pincus said. "As CFO, Mark built and ran our finance, accounting and controls functions and transitioned to the role of chief accounting officer in 2010.".
The troubled online game maker undertook a high-level restructuring of its management by appointing David Ko, the former chief mobile officer, to the position of chief operations officer; Barry Cottle has been made the chief revenue officer; and Steven Chiang has been elevated to be the president of Games.
"These changes come at an important time," Pincus said. "We are positioning ourselves for long-term growth and I'm confident that we have the breadth and depth of management talent to deliver on our mission of connecting the world through games. We are also today reaffirming our 2012 financial outlook that we communicated on October 24, 2012."
Tthe San Francisco-based gaming company's shares plunged nearly 80 percent since the company made its public debut in December 2011. After recording a slow growth rate, the company laid off nearly 5 percent of its workforce recently and decided to eliminate 13 games and shutdown studios in various countries.
