Get All Access for $5/mo

Zynga Hires Microsoft Exec as its New CEO Co-founder Mark Pincus will remain chairman of the gaming company and serve as chief product officer.

By Brian Patrick Eha

Opinions expressed by Entrepreneur contributors are their own.

Teckles Photo Inc.
New Zynga CEO, Don Mattrick

Zynga, maker of the FarmVille franchise and other social games, has hired a new chief executive officer, who will take over from co-founder Mark Pincus. Don Mattrick, formerly Microsoft's president of interactive entertainment, will be starting next week in the top job at Zynga, Pincus said in a company blog post.

The new CEO no doubt has a mandate to turn around the struggling gaming company.

Last month, the company announced that it would be laying off 520 people, about 18 percent of its staff, and closing its offices in New York City, Los Angeles and Dallas. And that was only the latest of a string of downsizing efforts. Even with a spike in its stock price over today's news, Zynga's market capitalization currently stands at $2.44 billion, far below its IPO valuation of $7 billion.

"Zynga has so much more potential ahead, the opportunity to be an Internet Treasure [sic] and deliver on our mission of connecting the world through games," Pincus wrote. He added that he will continue as Zynga's chairman and chief product officer, saying he believes he has always best served the company in that role, "developing games that could entertain and connect millions."

Related: Zynga Layoffs: What Happens When Startups Grow Too Fast

Brian Patrick Eha is a freelance journalist and former assistant editor at Entrepreneur.com. He is writing a book about the global phenomenon of Bitcoin for Portfolio, an imprint of Penguin Random House. It will be published in 2015.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business Process

How CEOs Can Take Control of Their Emails and Achieve Inbox Zero

Although there are many methodologies that leaders can use to manage their emails effectively, a consistent and thought-through process is the most effective way to systemize and respond to emails and is a step of stewardship for the effective leader.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.

Science & Technology

5 Automation Strategies Every Small Business Should Follow

It's time we make IT automation work for us: streamline processes, boost efficiency and drive growth with the right tools and strategy.