Despite earlier hopes of stock market recovery, Zynga continues its downfall. According to online gambling news in United States, Laurence “Lo” Toney is leaving the California social gaming giant.
Toney spent more than two years as the General Manager of Zynga Poker, one of the firm’s most established and most successful brands. Apart from being a GM for Zynga Poker, Toney was also one of the people responsible for formulating a strategy for the company to enter the American internet casino business.
He was the latest high-ranking executive to leave the company after Chief Creative Officer Mike Verdu, Chief Marketing and Revenue Officer Jeff Karp, Chief Operating Officer John Schappert and “Cityville” GM Alan Patmore. Ouch.
Zynga was thought to be the stock exchange winner when it made its Initial Public Offering. But share prices dropped over 70% from the original $10 a pop since last December’s IPO. Ouch, ouch.
The California social gaming company revised its strategy after the stock exchange downfall. It seems that an increasing amount of managers are leaving the company. Can it be a sign of future downsizing or real bad news from the financial department?
Toney was also one of the people who emphasized that real-money bets could save the company, especially when American gambling laws make a favorable turn. Business, insiders think that Jesse Janosov and recently recruited Maytal Ginzburg Olsha will be responsible to steer company’s efforts to get into real-money gambling in the United States.
The gaming industry is keen to hear the news from Zynga, especially its plans concerning the online gambling business.