Zynga CFO David Lee Resigns; Board Authorizes Share Repurchase Program

(RTTNews) - Zynga Inc. (ZNGA), a leading social game developer, announced that David Lee is resigning as CFO effective immediately and departing the company on December 11, 2015. Zynga has initiated a search for a permanent CFO and until a new CFO is appointed, Michelle Quejado, Zynga's Chief Accounting Officer, will serve as interim CFO effective immediately.

Prior to joining Zynga, Quejado held various financial roles at Lam Research Corporation, a multinational semiconductor company, between 1999 and 2015, most recently serving as its Assistant Corporate Controller.

Zynga announced that its Board has authorized a share repurchase program of up to $200 million of outstanding Class A common stock that remains in effect until October 2017. In connection with the share repurchase program, the company may adopt one or more plans. The company noted that the repurchases of its Class A common stock in the open market could result in increased volatility in stock price.

Zynga also announced that it has moved the launches of its games, Dawn of Titans and CSR2, into 2016. Mark Pincus, CEO and Founder said: "We are able to make these hard decisions, because of the cost reduction program that we put in place earlier this year."

For the third-quarter 2015, the company generated $176 million in total bookings and $12 million in Adjusted EBITDA, well above the top end of its guidance range. The company said the growth was driven by its three core mobile franchises Slots, Words With Friends and Poker, which grew 61% year-over-year.

For the fourth quarter of 2015, the company projects bookings to be in the range of $165 million to $180 million, and adjusted EBITDA to be in the range of a loss of $5 million to profit of $5 million.