With a net income of more than $120 million in the red, Farmville creator Zynga is not in the strong financial position it once was. Perhaps because of that it's hired on a new chief financial officer (CFO). Drawing from a similar well as it has in the past, Zynga has acquired the services of ex-Electronic Arts executive, Gerard Griffin for the role.
Back in March this year, Zynga appointed EA games veteran Frank Gibeau as its CEO, so this represents the second hiring of EA executives in 2016. Griffin is a slightly different breed in that he held broad jobs at the company, including positions in the mobile and PC parts of the business.
Source: Jim Heaphy/Wikimedia
“Gerard's 25 years of financial experience and deep understanding of the games, media and technology industries will be instrumental to Zynga,” Gibeau said of the appointment (via GamesIndustry). “His disciplined financial leadership and approach of working closely with teams to deliver high margin digital revenue, coupled with his ability to navigate business turnarounds, will help put us in a stronger position to achieve long-term growth.”
Griffin will assume a number of accounting roles at the company immediately, also handling finance and investor relations moving forward. No doubt Zynga hopes that his appointment can help stem the tide of cash that is haemorrhaging from its ranks.
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KitGuru Says: It seems unlikely that Zynga will ever return to its height. Facebook gaming isn't what it once was and there is far more competition than there was back in the late '00s.