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| Zynga: Microsoft executive Don Mattrick takes top job | Zynga: Microsoft executive Don Mattrick takes top job |
| (35 minutes later) | |
| Social gaming company Zynga has named former Microsoft executive Don Mattrick as chief executive. | Social gaming company Zynga has named former Microsoft executive Don Mattrick as chief executive. |
| Mark Pincus, the company's founder and current CEO, said he will stay on as chairman and chief product officer. | Mark Pincus, the company's founder and current CEO, said he will stay on as chairman and chief product officer. |
| "I realize that I've had the greatest impact working as an entrepreneur," Mr Pincus said in an email to employees. | "I realize that I've had the greatest impact working as an entrepreneur," Mr Pincus said in an email to employees. |
| Mr Mattrick was most recently the head of Microsoft's interactive entertainment division, the operation that includes Xbox. | Mr Mattrick was most recently the head of Microsoft's interactive entertainment division, the operation that includes Xbox. |
| Before that, he helped develop popular games like "The Sims" and "FIFA" for Electronic Arts. | |
| "I've always said… that if I could find someone who could do a better job as our CEO I'd do all I could to recruit and bring that person in," said Mr Pincus. | |
| "I'm confident that Don is that leader." | |
| Shares in the company, which are down by more than 50% for the year, shot up once word of the leadership change was first broken by the website AllThingsD.com. | |
| At Microsoft, Mr Mattrick helped turn the Xbox business into a profitable venture after years of losses. His departure comes just as Microsoft prepares to launch the third version of its console, called the Xbox One. | |
| Gamers have attacked the high price, Microsoft's plan to require an internet connection at least once a day and attempts to limit the sharing of used games. | |
| Last month, Microsoft reversed its position on the Internet connection and said it would allow game sharing. | |
| The search for the next Farmville | |
| Zynga has had difficulty almost since its stock market debut in December 2011, when it was valued at $1bn (£656bn). News of the appointment sent Zynga shares more than 10% higher. | |
| Struggling to replicate the success it found with games like FarmVille and Words With Friends, it bought OMGPOP, the company behind the popular game Draw Something, for $200m (£131m) in March of 2012. It shut OMGPOP less than a year later. | |
| Recently the company has looked to online gambling as another revenue stream, but that has not yet had an impact on the bottom line. More than 20% of its staff has been let go in the past year, and it has shuttered several offices. | |
| Mr Pincus is the second high profile founder of a social media company to resign, following Groupon chief executive Andrew Mason's departure in February. |