Zynga replaces CEO with longtime Electronic Arts executive

Troubled game-maker Zynga on Tuesday announced founder Mark Pincus will step down as CEO for the second time in three years and named former Electronic Arts executive Frank Gibeau as his replacement.

[...] Gibeau, 47, told The Chronicle Tuesday that he believes the company’s turnaround was already under way after reversing declines in core games “Words with Friends” and “Poker.”

Pincus founded the company in 2007 but abruptly relinquished the CEO spot in 2013 to former Microsoft Xbox boss Don Mattrick, who was also a former Electronic Arts executive.

Mattrick was brought in to reverse Zynga’s flagging fortunes by driving the company to focus more on mobile games, but he was ousted last April.

“We lost some of our special sauce, this unique passion and commitment to social and running games as a service,” Pincus said.

Gibeau worked for Redwood City’s EA for about 25 years, retiring in May 2015 as executive vice president for mobile after leading the development of highly profitable games like The Simpsons:

Before that, he oversaw development of top console and PC games like “Battlefield,” “FIFA,” and “Madden NFL.”

Pincus said he wasn’t necessarily thinking about finding another CEO, but that as Gibeau became more involved, we found we shared this passion for social gaming and mobile gaming.

Pincus said the company isn’t being forced to sell to raise money to survive, but said it has seen property values dramatically rise in the area and wants to “unlock the capital” in the building.