(Adds details on Lee's salary and departure of directors)
By Malathi Nayak
SAN FRANCISCO, April 10 Zynga Inc
appointed former Best Buy executive David Lee its chief
financial officer as Zynga continued reshuffling its ranks to
try to return the "Farmville" creator to growth.
Lee, 42, will step into the role on April 14 and replace
current Chief Financial Officer Mark Vranesh, who has decided to
leave the company, the games publisher said in a regulator
filing late last week.
Zynga has sought to revive its business by overhauling top
management, trimming staff and introducing titles that can be
played on smartphones and tablets.
Lee was previously the senior vice president of corporate
finance, treasury, mergers and acquisitions and corporate
strategy at retail giant Best Buy. He has also worked at Del
Vranesh, who joined Zynga in 2008, has held roles of chief
financial officer and chief accounting officer. He will work
with Lee over the next month before leaving the company.
Lee will receive a base salary of $500,000 per year, the
company said in a filing. Moroever, he is eligible to receive a
performance bonus of 80 percent of his annual salary on reaching
Two of nine directors on its board, LinkedIn co-founder Reid
Hoffman and DreamWorks Animation CEO Jeffrey Katzenberg, will
not run for re-election at the company's 2014 annual
stockholders meeting, according to the filing. The board is
currently seeking out candidates to fill those positions, the
To regain its financial footing, Zynga has set in motion a
turnaround plan, which includes expanded cost savings, led by
Chief Executive Officer Don Mattrick.
Shares in Zynga have risen 42 percent since July 1 when the
company announced that Mattrick, the former head of Microsoft
Corp's Xbox business, would replace co-founder Mark Pincus as
its chief executive.
Since taking on the top post, Mattrick has cleared out the
existing senior management, including former Chief Operating
Officer David Ko.
Lee, who will also hold the title of chief accounting
officer, is the second major hire made by Mattrick. In October,
he hired Clive Downie, an executive from Tokyo-based mobile
gaming company DeNA Co Ltd, as chief operating officer
overseeing mobile game distribution and other business
Zynga is scheduled to report earnings on April 23 and offer
investors an update on its turnaround efforts.
(Reporting by Malathi Nayak; Editing by Cynthia Osterman and