On Monday, struggling online games giant Zynga announced that its founder Mark Pincus is stepping down as the CEO of the company; with the former Microsoft executive Don Mattrick set to take over as the new CEO.
Zynga's announcement that Mattrick - the head of the Microsoft Xbox business for the last three years - will take over the reins of the company from Pincus apparently marks a significant new course for the beleaguered social games-maker. With Mattrick set to assume charge as the new Zynga CEO, Pincus will continue to remain the chairman and chief product officer, and will still have over 50 percent voting control of the company.
About Zynga's decision to appoint Mattrick as the new CEO, Pincus said that Mattrick had successfully turned the Microsoft's Xbox into the biggest console-gaming network in the world; with the installed base of the product increasing significantly from 10 million to 80 million.
Pincus further added that it was under Mattrick's headship that Microsoft's Xbox business transformed "from deep losses to substantial profits."
Noting that "Mattrick joining Zynga as its CEO is a spectacular coup for the company, its shareholders and for Mark (Pincus)," board member Jeffrey Katzenberg said: "There is not another executive in the world who could bring as much experience, knowledge and success in the gaming space."
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