Zynga Says It Meets Nasdaq Compliance on Board Independence
Zynga Inc. (ZNGA) added Google Inc. (GOOGL) executive Regina Dugan to its board and made venture capitalist John Doerr lead independent director, bringing the video-game company back into compliance with Nasdaq rules.
Dugan, vice president of engineering and leader of the Advanced Technology and Projects group at Google, will head the board’s nominating and governance committee and become a member of the product committee, according to a statement today. Doerr, the 62-year-old general partner of Kleiner Perkins Caufield & Byers, has been a director at Zynga since April 2013.
With the appointments, San Francisco-based Zynga plugs a hole created by the departures of independent directors Jeffrey Katzenberg and Reid Hoffman. Their decisions not to stand for re-election left Zynga without an independent majority. The company said in June that it was recruiting replacements.
Zynga fell 1 percent to $3.01 at the close today in New York. The shares have declined 21 percent this year.
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