The third annual list of the year’s worst CEOs includes the top dog at Zynga, Mark Pincus, as he struggles to turn his gaming company’s sinking fortunes around.
The list has been put together the past few years by Sydney Finklestein, a professor at Dartmouth College’s Tuck School of Business. He’s also written 11 books about corporate leadership, including Why Smart Executives Fail and Think Again: Why Good Leaders Make Bad Decisions.
Finklestein notes that Zynga’s stock fell 75 percent this year, and the company is bleeding executives looking for an exit. He notes Pincus himself said he made “rookie mistakes”, chief among them relying too much on Facebook for revenue. The fact that Zynga’s CEO also got rid of 16 million shares of his own company once their IPO lockout ended is also pretty telling.
Zynga also continues to face legal trouble with EA over their upcoming game The Ville, which EA says smacks of being a copy-paste job of The Sims Social. They hope to turn things around by going after the lucrative online gambling market, but it’s going to take a lot of time to get the proper permits, which may be time Zynga and Fincus just don’t have.
[ via Bloomberg ]