Pincus steps down as Zynga CPO following $61m loss

Zynga co-founder Mark Pincus is to step down from his role as chief product officer.

He stepped down as Zynga CEO last July after that role was taken by former Xbox boss Don Mattrick. Pincus will continue to serve as chairman of the board in a non-operational capacity.

Alex Garden, Microsoft’s former general manager of Xbox Live, has also been named as the new president of Zynga Studios. David Lee was named as chief financial officer last month.

The shuffle comes as Zynga posted a $61m loss for Q1, down from the $4m profit reported in the same period last year. It also predicts similar losses for the next quarter.

However, the numbers were better than analysts had expected, leading to a four per cent jump in the company’s share price

While the early signs are encouraging, we believe that sustained success on mobile will require higher quality games, more paid advertising, and greater dependence on platforms,” Baird Equity Research’s Colin Sebastian said.

Nonetheless, Zynga’s focus on retooling core franchises should translate to better mobile momentum in the near term, as well as incremental growth opportunities on tablets and other connected devices in the home.”