Zynga names investor John Doerr to board of directors
Zynga Inc has named John Doerr, a general partner at venture capital firm Kleiner Perkins Caufield & Byers, to its board, the online gaming company said Friday.Updated: Apr 06, 2013, 14:46 IST
Zynga Inc has named John Doerr, a general partner at venture capital firm Kleiner Perkins Caufield & Byers, to its board, the online gaming company said Friday.
Doerr, 61, becomes the second Zynga director from the ranks of Kleiner Perkins, which began backing the company in 2008 and guided it to its 2011 initial public offering.
William "Bing" Gordon, another Kleiner Perkins investor, also holds a seat on Zynga's board.
One of Kleiner Perkins' high-profile bets in recent years, Zynga has been a disappointment since its IPO. Gamers and investors alike have fled the company, and its shares currently trade at roughly one-third of their $10 IPO price.
Zynga Chief Executive Officer Mark Pincus has vowed to lead a turnaround in 2013 by introducing games that can be played across the Web and on mobile devices. On Thursday, he slashed his own salary to $1.
Pincus called Doerr a trusted advisor who could help Zynga navigate a "pivotal" year of transition.
Doerr has made a number of prescient investments, including early stakes in Google Inc, Amazon.com Inc and Intuit Inc. He remains on Google's board.