Midway announced yesterday that Thomas Powell, CFO, Treasurer and EVP has resigned to take a position at another firm. Powell's position was filled from within by Ryan O'Desky, VP-Finance and Controller. This comes on the heals of a new Chairman being appointed to the Board of Directors in late December. Not sure if these are related, but Midway seems to have some unrest with this being the third major change in leadership in the last month. See the release after the jump for complete details:
Jan 14, 2008 16:28
Midway Announces Changes to Its Senior Management Team
Chief Financial Officer Resigns, Ryan O'Desky Named Interim CFO; Mona Hamilton to Head North American Marketing; Lee Jacobson to Head Business Development, Licensing and In-Game Advertising
CHICAGO --(Business Wire)-- Jan. 14, 2008 Midway Games Inc. (NYSE:MWY) today announced that Thomas E. Powell, Midway's executive vice president, chief financial officer, and treasurer, has resigned to take a position with another firm. The Company has appointed Ryan O'Desky, vice president - finance, controller, and assistant treasurer, as interim chief financial officer and has initiated a search for a permanent replacement for Mr. Powell.
On the marketing side, Mona Hamilton and Lee Jacobson will assume expanded roles within Midway's marketing organization. Ms. Hamilton, vice president - marketing for Midway Home Entertainment, will take on responsibility for all marketing activities throughout the North American region, including brand management, product marketing, creative services, and public relations. Mr. Jacobson, vice president - product acquisition and business development for Midway Home Entertainment, will expand his current business development responsibilities to include licensing and in-game advertising, as well as third-party developer relations. Steve Allison, senior vice president - marketing and chief marketing officer, will be leaving the Company, and will remain with Midway in an advisory role until March 31, 2008.
Ms. Hamilton, with more than 10 years experience in marketing roles throughout the consumer entertainment industry, came to Midway in 2003 from Ubisoft. Mr. Jacobson came to Midway in 1998 and has over 20 years experience in the industry in all aspects of the video game lifecycle.
David F. Zucker, president and chief executive officer, commented, "Midway has a deep and experienced management team, and Mona, Lee and Ryan will be instrumental in moving Midway forward into 2008 and beyond. We thank both Tom and Steve for their contributions to Midway and we wish them continued success in their future endeavors."
About Midway Games
Midway Games Inc. (NYSE:MWY), headquartered in Chicago, Illinois, with offices throughout the world, is a leading developer and publisher of interactive entertainment software for major videogame systems and personal computers. More information about Midway and its products can be found at http://www.midway.com.