Zynga Gains 5% On CEO Change

Shares of

were trading higher by more than 5 percent early Wednesday morning after the company

a new CEO. Zynga announced after Tuesday's market close that Frank Gibeau will replace Mark Pincus as CEO, effective March 7. Gibeau joined the company in 2015 as a member of its Board of Directors and boasts decades of experience in interactive entertainment and held various senior leadership positions at

Pincus is credited as being Zynga's founder and will serve as Executive Chairman of the Board. "I recruited Frank seven months ago to become an active board member to advise and coach our teams. Frank has mentored product teams, led roadmap meetings and delivered inspiring talks to our game making and PM communities. Frank has also been a big supporter of our move to smaller more nimble teams. Equally important, we have worked well together and share a common vision for Zynga around mobile and social gaming," said Pincus.