Zynga names new CEO from Microsoft

Zynga founder Mark Pincus announced yesterday he will hand over the chief executive role to Microsoft entertainment head Don Mattrick.

Mattrick, who was in charge of Microsoft’s lucrative Xbox division, will now take control of the social games company, which has seen most of its market value disappear.

After the announcement, Zynga’s shares rose 10% to $US3.26.

“I joined Zynga because I believe that Mark’s pioneering vision and mission to connect the world through games is just getting started,” Mattrick said an email message to Zynga employees.

“Zynga is a great business that has yet to realize its full potential.”