Zynga Vice President Roy Sehgal Departs in Latest Executive Exit
Zynga Inc. (ZNGA) Vice President Roy Sehgal and Steve Schreck, a general manager, are departing as the largest maker of social games struggles to keep top managers amid a stock-price decline.
Sehgal, who joined in 2009 and created Café World, is resigning to take time off of work, he said in a telephone interview yesterday. Schreck is leaving to join a game startup founded by another Zynga alumnus, Mike Verdu, according to Zynga.
More than a half-dozen senior executives have left Zynga in recent months amid growing concern among investors about the company’s ability to accelerate growth. A stock tumble of 75 percent since the company’s December 2011 initial public offering has lessened the value of equity used to compensate staff. Chief Executive Officer Mark Pincus has reorganized staffing and cut costs in a bid to turn the company around.
Schreck’s departure is a boon for Verdu, who left his job as Zynga’s chief creative officer in August to start a mobile- games company. Because of non-competitive terms of Verdu’s departure, Zynga said Schreck needed approval to join the new company.
Schreck managed Zynga’s recent hit, “Hidden Chronicles,” and led a team of almost 100 people, according to his profile on LinkedIn Corp. (LNKD)’s website.
Zynga has also recently lost David Wehner, the game maker’s former chief financial officer who left for a job at Facebook Inc. (FB), as well as former Treasurer Mike Gupta, who took a similar role at Twitter Inc.
The game maker announced on Nov. 29 that it has loosened terms of its longstanding alliance with Facebook, potentially making it easier for competing game developers to thrive on the social network.
Zynga fell 6.1 percent to $2.46 at the close in New York yesterday.
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