Zynga CEO defends stock price, says culture 'not ultra competitive'
Zynga's initial public offering (IPO) didn't exactly go swimmingly. It required assistance on its first day, and the stock currently sits below the initial $10 price. Speaking with the Wall Street Journal, Zynga CEO Mark Pincus tried to smooth over feelings about the overhyped and underperforming stock.
"Our goals were we want to raise a billion dollars. Through going public, we wanted to add some more great long-term investors to the company. All of that was successful," Pincus said, as the WSJ pointed out that the stock dipped on its first day of trading. "I don't blame anybody because from our standpoint, we think it was successful. It was many times larger than the other tech IPOs that had just happened recently. We think we're now well positioned to move forward in the future."
In discussing Zynga's allegedly harsh corporate culture, Pincus says the attrition rate for the company is a little over 3 percent, which he claims is lower than Silicon Valley's 14 percent average.
One thing that hasn't slowed is Zynga's company and executive acquisition train, which recently picked up EA Interactive's former head, Barry Cottle, who joins Zynga as executive VP of business and corporate development.
