The founder of Zynga, Mark Pincus, has exchanged his shares of the company with high voting rights for ordinary shares. Because of this, Pinkus’ voting rights as a Zynga shareholder were reduced from 70% to 10%.
The top manager is confident that the changes will benefit the mobile company.
According to Pinkus, he gave up the lion’s share of votes for the sake of simplifying Zynga’s shareholder structure and transferring the company to the “one share – one vote” system.
Previously, there were 3 classes of shares in Zynga – A, B, and C. A share gave 1 vote, B – 7 votes and C – 70 votes.
Mark Pincus owned all Class C shares and most B-class securities. After conversion, all Zynga shares give 1 vote.
Pinkus also said that he is not worried about the future of Zynga and believes that the company is in safe hands.
The CEO of Zynga is currently Frank Gibeau, who previously headed EA Mobile.
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