Zynga said total revenue in the first quarter rose 7% to $208.2 million. Photo: robert galbraith/ReutersSocial and mobile-game maker Zynga Inc. ZNGA 3.41% is moving to a single-class stock structure, diminishing the control of its founder as other technology companies maintain systems that give insiders extra voting power. The company said Wednesday that former Chief Executive Mark Pincus would convert his extra voting shares into Class A shares, reducing his voting control to about 10% from 70% previously. Mr. Pincus is also moving to become nonexecutive chairman from his executive chairman role, Zynga said. Typically, the public has access to one type of shares while insiders hold another type that has more voting power.

Source: Wall Street Journal May 02, 2018 20:37 UTC