Social gaming developers Zynga have changed the name on their CEO’s office for the second time in less than a year.
On Tuesday, Zynga announced that CEO/founder Mark Pincus would be relinquishing the chief exec’s role in favor of Frank Gibeau (pictured), who joined Zynga’s board last August following a two-decade run with video game outfit Electronic Arts. Zynga’s shares closed out Tuesday’s trading up 2.4% to $2.16 after rising nearly 6% on the news.
Gibeau will assume Zynga’s reins on Monday. Pincus, who is staying on as executive chairman, told Re/code that the pair intends to work as a “partnership” to steer Zynga’s future. Gibeau said his remit was to “frame strategy, increase operational excellence and collaborate with Mark.”
The executive switcheroo comes less than one year after Pincus replaced Don Mattrick as CEO. Mattrick, another former EA man who joined Zynga in 2013, was brought in to help stabilize Zynga, which had undergone sharp declines in both player numbers and its share price following the company’s late-2011 initial public offering.