Forbes: Ping Cass resigns to take responsibility for Zynga's poor performance

In just 18 months, social game developer Zynga and its head, Mark Ping Cass, have undergone a dramatic shift from heaven to hell, according to the online edition of Forbes magazine, which wrote today. Pincus's personal net worth was at $2 billion trillion, and Zynga became a high-profile technology company in Silicon Valley. But as the company then plunged into turmoil and the share price tumbled, it made sense for him to resign as CEO, after all, to be responsible for the success of Zynga's bad results on the Nasdaq December 16, 2011, when Zynga CEO Mark Ping Cass smiled at the company's San Francisco headquarters. Surrounded by his wife, Alison, many investors and employees, he rang the Nasdaq opening bell remotely. The scene was followed by thunderous applause and warm congratulations on Zynga's successful listing. In 2007, he founded Zynga and named the company after his pet dog, and gave it an infinite amount of anticipation. Zynga seems ready to generate revenue from the boom in social games, the social-game developer who became the largest single IPO in the US technology industry since its 2004 debut. Pincus always dress casually, the lower body is the jeans, the upper body likes to wear the pullovers. A well-connected entrepreneur in Silicon Valley, he has a close relationship with tech bigwigs such as Facebook founder, CEO Mark Zuckerberg and Zuckerberg founder Hoffman (Reid Hoffman). With this kind of networking, he finally led Zynga to a successful IPO. But in less than two years, Ping Cass and his company has changed. End the long-term unrest Zynga announced in Monday that founder Pincus will resign as CEO, ending the 18-month-long unrest in Zynga. During that time, Zynga had been laid off, sued by rivals and investors, and its share price fell more than 65% per cent. Zynga also announced that Don Mattrick, Microsoft's Interactive entertainment Tang Matrick, will take over Pincus as CEO next week. Pincus in a statement detailing the reasons for his resignation. Pincus wrote: "I've always told investors Bin Gordon and the board of Directors that if I can find a better CEO than me, then I will try my best to attract this person to join." "It is reported that the 47-Year-old Ping Cass will continue to serve as the company's chief product officer and chairman." For the Cass, the decision to resign temporarily announced the end of a turbulent period. During this time, the personal wealth of the Cass also followed the company's share price sharply. In 2011, he became a member of the world's billionaire club for the first time, with 2 billion dollars in the Forbes 400 Rich list. Pincus's personal wealth has soared, thanks to Zynga's hyper-Overvalued value. Even after Zynga's IPO, the company's personal wealth is close to $1 billion trillion. Market capitalisation evaporated 6 billion dollars throughout the spring of 2012, Zynga shares have been on the upswing and reached a record high of $14.69 trillion on March 2, with the net worth of the Cass Rising. After the ban on the sale of Zynga shares in April 2012, the Cass made an unexpected move to sell 16.5 million shares, accounting for 16% of its Zynga holdings. As a result, the investor's confidence in Zynga plummeted, and Zynga has been sued for insider trading. Zynga's shares have never recovered. Zynga's share price has been further crushed by the failure of Facebook's IPO, which was closed to only $3.07 in Monday, only 25% of its IPO offering. Over the past 18 months, Zynga's market capitalisation has evaporated more than $6 billion trillion. As Zynga's biggest individual shareholder, with 87 million shares, the Cass suffered. According to Forbes estimates, by the end of this Monday, the net worth of the Cass is about 780 million dollars. "Zynga's performance has undergone a roller-coaster shift," says Fan Beck, a Gartner analyst at the Market Research Institute. With a lot of challenges, Zynga is not a successful company, for example, the company recently announced a new round of layoffs, cutting 520 jobs, accounting for 18% of its total workforce. "Still in control of the company. While some think it wise to resign, Zynga's many challenges will not go away because of his departure. With more than 20 million shares in C, he still has 61% of the vote and still holds the power to kill in the company's decisions. The outside world is also abuzz over whether he will be a longtime executive. "It's always a hard thing to let go, and maybe that's why Mr Pincus wants to impress the public with the idea that he's staying in the company to keep the continuity of management," Baker said. In a statement announcing his resignation, Ping-Cass expressed excitement at the incoming Matt, saying the latter had "inspired people to give them the best of their work". "He turned the Xbox into the world's largest host gaming network, with installation increasing from 10 million to 80 million," Pincus said of Mattrick. It was under his leadership that the business achieved a magnificent shift from heavy losses to substantial profits. "Investors seem to be in the same boat with Cass for the prospect of Mattrick at the helm of Zynga. Zynga's shares rose more than 10% after news of high-level changes. This is a good news for Ping-Cass, which adds 25 million dollars a day to its personal net worth.