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HTC moves aside CFO who oversaw $300 million Beats Audio deal (update)
HTC's CFO Winston Yung has been shunted into a 'corporate development' role after barely a year on the job. He orchestrated some pretty controversial deals during his tenure, including the $300 million purchase of the Beats Audio brand from Dr. Dre -- an acquisition that has so far shown little value except as a marketing device. Yung also occupied the hot seat while HTC's balance sheet suddenly flipped from brilliant to bad and then worse, and was outspoken in his views of what went wrong. HTC has provided no reason for the job shift, leaving analysts to guess at how the company's strategy will change to capitalize on its new One smartphones and battle against Sammy's imminent contender. The new CFO is Chia-Lin Chang, a former Goldman Sachs partner and Motorola engineer who hopefully knows how to handle pressure. Update: HTC's own CEO Peter Chou has taken time to respond to analyst reports. His quote follows: On Monday, HTC announced the appointment of Chia-Lin Chang as Chief Financial Officer withWinston Yung, his predecessor, transitioning to a corporate development role. "Media speculation that ties this announcement to HTC's partnership and investment in Beats By Dre is categorically inaccurate," said Peter Chou, CEO of HTC Corporation. "HTC and Beats have made impressive progress in innovation and brand awareness and the integration of the Beats brand and technology in the new HTC One series is a clear indication of our commitment to this partnership."
Zynga hires new CFO, Vranesh becomes chief accounting officer
For those of you keeping a diligent collection of Zynga executive trading cards, that 2009 Mark Vranesh as CFO card is about to become worth a whole lot more -- the social game company has just hired on Dave Wehner as its new CFO, pushing Vranesh to the chief accounting officer position. Vranesh's new position will have him reporting to the new CFO. Wehner comes from a background in financial work, acting as the managing director at investment banking firm Allen & Co. since 2001. VentureBeat speculates that this hire could be one of many clues that the company is about to go public, but "a source familiar with the matter" believes that possibility is unlikely, instead positing that Zynga will continue hiring execs/buying other companies. Either way, we're still worried about the impending takeover of our lives by the Zynga/Google partnership. It's coming any day now, folks!
Activision CFO Thomas Tippl now COO
Acitvision chief financial officer Thomas Tippl was recently promoted to the position of chief operating officer at the publisher, and will serve double duty as temporary acting CFO while a replacement is found. A filing with the Securities and Exchange Commission from last week detailed the executive swap (titled the "Tippl Amendment," effective as of March 23), including an $885k annual salary, stock options, an annual raise "at least equal to the average [undisclosed] percentage increase" (pending approval by the board), and a yearly performance-based bonus of "120 percent of his base salary [$1,062,000]." The wonderfully candid thing about SEC filings is that there's little room for spin or marketing, but the downside is all the financial jargon -- like the fact that part of Tippl's new contract entitles him to a grant of 225,000 "performance shares" that "vest ratably." This means we're put in a position where we're telling you about stuff that is at the least pretty confusing and likely kind of meaningless. So let's break it down! "Performance shares" are, according to Investopedia, "shares of company stock given to managers only if certain company wide performance criteria are met, such as earnings per share targets." Meaning, in so many words, that Activision has to meet a certain performance level in order for Tippl to earn said shares. That they will "vest ratably" is only to say that on Feb. 15 of each year for the next four years, he will earn part of that eventual 225,000-share goal (in 2014) ... should he stay in his position for all that time, of course. And finally, this is all based on the prediction that he delivers a higher or equal to non-GAAP earning per share when compared to the previous year. In short, he has to either break even or make money to get the stocks, and he has to maintain that for the next four years. Quite a tall order, sir! [Via Edge]
Turbine appoints new chief financial officer
Let's take a break from all of the E3 crazy for a moment and bring it back down to Earth, as Turbine has announced today that they're putting a new man into the chief financial officer's seat. Their choice for the position has been M. Beau Paradowski, an experienced 17 year financial veteran who has previously held the CFO chair for Optasite Inc. and Clearwire Technologies. Paradowski is excited to step into his new position at Turbine, which will oversee all of the company's global financial operations and everything related to Turbine's three big IPs -- Lord of the Rings Online, Dungeons and Dragons Online, and Asheron's Call.
NCsoft West gets a new CEO
There's been another shift in the staffing over at NCsoft West. This time, former CEO Chris Chung will be moving aside to let Jaeho Lee take his place. Lee was the chief financial officer of NCsoft, and his appointment at NC West was made with the intention of improving the subsidiary's communication with home base in Korea. NCsoft's corporate PR director Jae Sung Lee gave a comment to Kotaku regarding the move:"As part of the corporation's global strategy, global management grows increasingly important, and the need to work together across business units becomes paramount to our success. This personnel change increases our ability in each market to remain competitive."Chris Chung hasn't been turfed out on to the front doorstep as a result of the move and will remain where he is at NCsoft West, albeit with a lesser job title.
Cryptic Studios hires new suit
Another juicy bit of news floated our way from Cryptic Studios, following a week of non-stop juicy morsels. They've announced that they've hired Ed Roffman to take over the position of chief financial officer effective immediately. Roffman has a long history on the financial side of the industry, working with Activision for much of the 1980's and several smaller software companies since then. He should be a strong asset on the Cryptic executive team.The hiring of a new CFO (a new position for the Los Gatos developer) is only further confirmation of Cryptic Studios' aspirations to become an independent development powerhouse. Champions Online will be the first title developed and published by Cryptic, so it's crucial that they have the appropriate financial oversight to really see this project all the way through. And with current speculation that they're also working on at least two other original titles as well, this need is only going to be amplified with time.[Via Gamasutra]
Motorola anoints new CFO
Despite praise heaped upon Motorola's interim CFO Tom Meredith during his one-year tenure, he's being replaced as of March 1 by Paul Liska, an outsider who's done time with Sears and private equity firms in recent years. The move comes as a surprise, with many predicting that the permanent chief would come from the inside -- either by naming Meredith to the position or selecting someone else -- but let's be honest, Moto can use about as much fresh thinking as it can get its hands on at the moment. A Citibank analyst has gone on record saying he's a "big fan" of Meredith, pegging him as a guy who brought a lot of "financial discipline" into the beleaguered number three manufacturer -- so heads up, Liska, you've got some big shoes to fill.
