Zynga's CFO has resigned, effective immediately, with no reason given
Zynga did not provide a reason for the abrupt change.
Lee, who joined the company in April 2014, will be temporarily replaced by interim CFO Michelle Quejado, who was formerly the company's chief accounting officer.
The company, most famous for its FarmVille and Words With Friends franchises, beat analyst estimates on both the top and bottom line, with revenue of $196 million and break-even non-GAAP EPS.
Zynga also said that a key metric - average monthly active users - declined by 27% year-over-year during the third quarter.
The stock was up as much as ~2% after-hours, but is now more or less flat.
Here's what Zynga says in its press release about Lee's departure:
Zynga announced today that its Chief Financial Officer David Lee is resigning as CFO effective immediately and departing the company on December 11, 2015. Zynga has initiated a search for a permanent CFO and until a new CFO is appointed, Michelle Quejado, Zynga's Chief Accounting Officer, will serve as interim CFO effective immediately. Quejado will be working with Lee, as well as Zynga CEO Mark Pincus, over the next month to ensure a seamless transition of responsibilities.
"I want to thank David for the leadership and commitment he has shown Zynga," said Pincus. "Over the past six months, David and I have partnered on a number of key initiatives to strengthen the company's long-term position. This has included our $100 million cost reduction program, our continued transition to mobile and, most recently, our $200 million stock buyback program. David will stay on until mid-December to manage the transition and work with our newly appointed interim CFO, Michelle Quejado, Zynga's Chief Accounting Officer."
"I believe Zynga is in a much stronger position today than it was when I joined the company, and I want to thank Mark for his partnership. We've moved the majority of our business to mobile and are focused on growing our new IP and existing franchises, while significantly reducing our cost structure," saidDavid Lee. "I'm proud of what our teams have accomplished and know that they, along with our interim CFO Michelle Quejado, will continue to focus on delivering long-term value for our shareholders while executing against our mission to connect the world though games."
Quejado brings with her more than 25 years of experience, and has deep expertise in accounting, financial planning and analysis, and project and people management. She joined Zynga in March 2015 as Vice President of Finance and Corporate Controller, and in June was appointed as Zynga's Chief Accounting Officer.
Prior to joining Zynga, Quejado held various financial roles at Lam Research Corporation, a multinational semiconductor company, between 1999 and 2015, most recently serving as its Assistant Corporate Controller. Before joining Lam Research Corporation, Quejado was as an auditor for the United States Department of Defense from 1989 through 1998. Quejado is a Certified Public Accountant and holds a B.S. degree in Accounting from theUniversity of Southern Oregon.
- Close-ups of footage said to show Gabby Petito's van near where a body was found appear to show the rear door closing
- Elon Musk pulled his 'last remaining house' off the market after vowing last year to get rid of nearly all his possessions
- It's never been more clear: companies should give up on back to office and let us all work remotely, permanently
- Durex takes down its latest social media post on the bus scene from Netflix’s Sex Education after internet users call it ‘insensitive’
- Three reasons why this might be a good time to buy Bitcoin
- Sony ZV-E10 vlogging camera with interchangeable lens launched in India
- US, India, Japan, Australia to sign pact for stepping up chip production, reduce dependence on China
- Here’s how to schedule an email in Gmail