Zynga Names CFO

Zynga has appointed former Best Buy executive David Lee to the position of chief financial officer, replacing outgoing CFO Mark Varnish.

Online and social game producer Zynga announced that it has appointed former Best Buy executive David Lee as chief financial officer and chief accounting officer. Lee will oversee accounting, corporate finance and investor relations and will report directly to Chief Executive Officer Don Mattrick.

Lee succeeds CFO and CAO Mark Vranesh, who will be leaving the company. Lee will be working with Vranesh over the next month to ensure a seamless transition of responsibilities.

“At the end of 2013, Mark Vranesh and I began working together on a CFO search,” said Mattrick. “We viewed a lot of candidates, had a high bar and found a leader in David who will be a great addition to our team. David has a deep understanding of business management and a sharp financial acumen that will be invaluable to Zynga’s long-term growth and success.”

Zynga, producer of the hit social game FarmVille, has sought to revive its business by overhauling top management, trimming staff and introducing titles that can be played on smartphones and tablets.

Lee was previously the senior vice president of corporate finance, treasury, mergers and acquisitions and corporate strategy for Best Buy, the retail giant. He will receive a base salary of $500,000 per year, the company said in a filing. Moreover, he is eligible to receive a performance bonus of 80 percent of his annual salary on reaching certain targets.