As part of a severance agreement, the company will pay Karp three months of his base pay, three months of premium payments to extend his health insurance, and will accelerate the vesting of 100,000 units of Zynga stock.
“Jeff Karp is leaving Zynga, and the groups in his organization have been realigned under appropriate existing divisions,” the company wrote in a statement obtained by All Things Digital. “Our marketing and revenue teams have always been industry leaders, and as we continue our transition toward mobile and multiplatform game creation and distribution, their continued execution will be key to our future success. We are grateful to Jeff for his contributions over the last year and wish him well in his future endeavors.”
Karp is just one of many executives to leave the company in recent months. All Things Digital points out that other executives that have left recently include former chief operating officer John Schappert and former chief creative officer Mike Verdu.
Shares of Zynga fell 2.08% to close at $2.82. The stock price has fallen more than 70% in the past year.
Samuel Weigley
Follow him on Twitter: SWeigley
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