Bloomberg Names Zynga's Pincus To "Worst CEOs" List
The respected business news organization has published its list of the worst CEOs of 2012, and Zynga's Marc Pincus makes the cut.
This year has been a tough one for Cityville publisher Zynga, which has suffered plummeting stock prices, layoffs and cancellations of games, and accusations of insider trading. For these reasons, and others detailed in Bloomberg's story, Zynga's Marc Pincus was named the fourth-worst CEO of 2012.
The list was compiled by Shelly Finkelstein, a professor at Dartmouth's prestigious Tuck School of Business. Of Pincus, Finkelstein says, "[Pincus] made some rookie mistakes, including hitching his company’s wagon much too securely to Facebook (FB), which Zynga relies on for a big chunk of revenue. And he hardly expressed confidence in the company’s prospects with his move to unload 16 million shares after the IPO lockup period ended."
Other CEOs on the list include former Best Buy CEO Brian Dunn, who left the ailing electronics retailer amid allegations of of an "inappropriate relationship" with a younger Best Buy employee, and Avon's Andrea Jung.