San Francisco

Zynga CEO Mark Pincus to Step Down

It hasn't had a hit since FarmVille. Now, San Francisco-based game maker Zynga hopes a new leader can change that.

On Wednesday, the company announced that CEO and founder Mark Pincus is stepping down less than a year after he took back command of the company, replacing Don Mattrick, who had been on the job less than two years.

Stocks rose after the company named a new CEO, board member and former Electronic Arts executive Frank Gibeau. Gibeau will become CEO next week. Zynga has struggled to follow up on its early hit games including "FarmVille" and "Clumsy Ninja." The stock added 8 cents, or 3.9 percent, to $2.25. It traded over $14 in early 2012, shortly after going public.

Pincus co-founded Zynga and was previously CEO of the company from 2007 to 2013. He will stay at the company as chairman of the board.

Last week Zynga put its high-profile headquarters in the San Francisco’s South of Market district up for sale.

Copyright AP - Associated Press
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