Zynga's CFO has resigned, effective immediately, with no reason given

Zynga CFO David Lee is stepping down effective immediately, the company reported in its Q3 earnings.

The company did not provide a reason for the abrupt change.

Lee, who joined the company in April 2014 ,will be temporarily replaced by interim CFO Michelle Quejado, who was formerly the company’s chief accounting officer.

The company’s stock is up ~2% after-hours.

Zynga also said that a key metric — average monthly active users — declined by 27% year-over-year during the third quarter.

Here’s what Zynga says in its press release:

Zynga announced today that its Chief Financial Officer David Lee is resigning as CFO effective immediately and departing the company on December 11, 2015. Zynga has initiated a search for a permanent CFO and until a new CFO is appointed, Michelle Quejado, Zynga’s Chief Accounting Officer, will serve as interim CFO effective immediately. Quejado will be working with Lee, as well as Zynga CEO Mark Pincus, over the next month to ensure a seamless transition of responsibilities.

“I want to thank David for the leadership and commitment he has shown Zynga,” said Pincus. “Over the past six months, David and I have partnered on a number of key initiatives to strengthen the company’s long-term position. This has included our $US100 million cost reduction program, our continued transition to mobile and, most recently, our $US200 million stock buyback program. David will stay on until mid-December to manage the transition and work with our newly appointed interim CFO, Michelle Quejado, Zynga’s Chief Accounting Officer.”

“I believe Zynga is in a much stronger position today than it was when I joined the company, and I want to thank Mark for his partnership. We’ve moved the majority of our business to mobile and are focused on growing our new IP and existing franchises, while significantly reducing our cost structure,” saidDavid Lee. “I’m proud of what our teams have accomplished and know that they, along with our interim CFO Michelle Quejado, will continue to focus on delivering long-term value for our shareholders while executing against our mission to connect the world though games.”

Quejado brings with her more than 25 years of experience, and has deep expertise in accounting, financial planning and analysis, and project and people management. She joined Zynga in March 2015 as Vice President of Finance and Corporate Controller, and in June was appointed as Zynga’s Chief Accounting Officer.

Prior to joining Zynga, Quejado held various financial roles at Lam Research Corporation, a multinational semiconductor company, between 1999 and 2015, most recently serving as its Assistant Corporate Controller. Before joining Lam Research Corporation, Quejado was as an auditor for the United States Department of Defence from 1989 through 1998. Quejado is a Certified Public Accountant and holds a B.S. degree in Accounting from theUniversity of Southern Oregon.

Developing

NOW WATCH: We asked a bunch of kids what they think about Facebook

NOW WATCH: Tech Insider videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.