Michael McCormick left Znyga for Idle Games. His LinkedIn page says that he started at his new employer in January. He mentioned on an interview that he left his role at Zynga because he wanted to work for a more nimble company. Idle Games has about 80 employees while Zynga has more than 3,000.
The company did not issue a press release on the departure, but the story took on a life of its own when AllThingsD reported it midafternoon on Friday. From that point on Zynga saw a significant slide in the stock price.
Zynga hit an all-time high last Friday when it traded $15.91, but closed at $14.69. For the day, the stock gained $0.21 but has once again continued to drop again today. While it was not "news" that McCormick left, it was the first time it was discussed in the media.
Michael McCormick was the lead developer of CityVille, a major game for Zynga but was not the CEO or CFO or even the COO.
When big name talent leaves a company, a sell off can be expected, but this one appears to be overblown.
Who else would have this sort of effect on a stock should they leave? Positive or negative? CEO or not?
This could be a great discussion of who are the best and worst leaders in investors eyes! Let us know what you think?