Zynga has named a new CEO to take over founder, Mark Pincus’ duties at the declining company.
Fast Company reports that Microsoft Entertainment executive, Don Mattrick will become the CEO of Zynga on July 8th.
Matrick, who is a veteran of the games industry, has worked on best selling games such as Need for Speed and The Sims while working at EA Games. Additionally, he was a driving force behind the Xbox 360’s success during his six years at the Microsoft.
Mark Pincus, founder and former CEO of Zynga will relinquish his CEO duties to Mattrick who will run Zynga’s day-to-day operations, although he will keep his position as chairman and chief product officer. Additionally, Pincus will retain his 61% voting rights.
The news comes just weeks after the Electronic Entertainment Expo, where Mattrick debuted a plethora of new software and features for the Xbox One. The presentation was received with heavy criticism from the gaming community because of its restrictions on used games and offline gameplay.
Also, reports indicate that Microsoft has been planning a corporate restructure. According to AllThingsD , Microsoft CEO Steve Ballmer is expected to unveil his plans for the tech juggernaut in early July.
According to the Wall Street Journal, Mattrick will be payed 95% in stock. Since Zynga’s IPO in 2011, the stock prices have underperformed, falling 70% since its IPO.
Since the announcement, Zynga’s stock price has surged over 10&.
According to the Wall Street Journal, Matrick’s departure and the forthcoming executive restructuring will have an unclear effect on Xbox.