Zynga Inc (NASDAQ:ZNGA), a leading provider of social game services, announced that Louis J. Lavigne, Jr., former Genentech Inc. Chief Financial Officer, has joined the company’s Board of Directors. Lavigne brings extensive experience in business operations and management, strategy, finance, accounting and public company governance to Zynga’s Board.
“I’m excited to welcome Lou to our Board of Directors during this important time. Lou brings deep experience in business transformation and public company operations having previously served as the CFO of Genentech for more than 15 years and as a Board leader for several other companies. I look forward to working with Lou and the rest of our talented Board as we pursue our mission to connect the world through games and deliver the best experiences for our players,” said Mark Pincus, CEO of Zynga.
“The mobile gaming industry continues to grow at an incredible pace. I believe in Zynga’s future potential, and Mark’s commitment, leadership and vision to bring social gaming to the mass market. I look forward to partnering with my fellow board members as Mark and the team lead Zynga through its transition,” said Lavigne.
Lavigne, 66, is currently the Managing Director of Lavrite, LLC, a management consulting firm specializing in corporate finance, accounting, growth strategy and management. Prior to joining Lavrite, Lavigne spent more than 23 years at Genentech, Inc., primarily serving as Chief Financial Officer from 1988-2005. In that role, Lavigne was responsible for Genentech’s Financial, Corporate Relations, and Information Technology groups and also served as a member of Genentech’s Executive Committee and Chairman of its 401K Plan Committee. In 2006, Lavigne received the Bay Area CFO of the Year-Hall of Fame-Lifetime Achievement Award. Prior to Genentech, he held various financial management positions with Pennwalt Corporation.
Lavigne currently serves on the Board of Directors for several companies and institutions including Accuray, Inc., a radiation oncology company, where he is Chairman of the Board and Compensation Committee. Lavigne also serves as the Chairman of the Audit Committee for Depomed, Inc., a specialty pharmaceutical company; and DocuSign, Inc., a private eSignature transaction management company. He is also a member of the Compensation and Mergers and Acquisition Committees, for NovoCure, a private commercial stage oncology company. He is also a member of the Pacific SW Network of Audit Committee Chairs and the faculty of GLG Institute.
Additionally, Lavigne is a Board Member and Chairman of the UCSF Benioff Children’s Hospital Oakland, the UCSF Benioff Children’s Hospitals, and the UCSF Children’s Hospitals Foundation and a member of the Audit Committee.
Previously, Lavigne was a Board Member and on the Audit, Finance, and Science and Technology Committees of Allergan, Inc.; and Audit Committee Chairman of Arena Pharmaceuticals, BMC Software, Equinix, Inc., Kyphon, Inc., SafeNet, Inc. and Xenova, PLC.
Lavigne joins Zynga’s distinguished board members including Mark Pincus, John Doerr, Dr. Regina E. Dugan, William “Bing” Gordon, Stanley J. Meresman, Sunil Paul and Ellen F. Siminoff. Lavigne will become a member of the Audit Committee, alongside members Stanley J. Meresman, Sunil Paul and Ellen F. Siminoff. (Original Source)
Shares of Zynga closed today at $2.48, down $0.03 or 1.2%. ZNGA has a 1-year high of $4.66 and a 1-year low of $2.20. The stock’s 50-day moving average is $2.62 and its 200-day moving average is $2.55.
On the ratings front, Zynga has been the subject of a number of recent research reports. In a report issued on April 9, BTIG analyst Richard Greenfield reiterated a Hold rating on ZNGA. Separately, on the same day, Sterne’s Arvind Bhatia also reiterated a Hold rating on the stock.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Richard Greenfield and Arvind Bhatia have a total average return of 6.4% and 32.6% respectively. Greenfield has a success rate of 62.9% and is ranked #1211 out of 3577 analysts, while Bhatia has a success rate of 68.8% and is ranked #58.
The street is mostly Neutral on ZNGA stock. Out of 7 analysts who cover the stock, 5 suggest a Hold rating and 2 recommend to Buy the stock. The 12-month average price target assigned to the stock is $3.67, which represents a potential upside of 45.1% from where the stock is currently trading.
Zynga Inc provides social game services. The Company develops, markets and operates social gamesas live services played on mobile platforms such as iOS and Android and social networking sites such as Facebook.