Midway Games, Inc. (MWY) announced Thursday that Matthew V. Booty will serve as interim chief executive and president when current Chief Executive David Zucker steps down. Booty, who has worked with Midway – a developer and publisher of interactive entertainment software – since 1991, served most recently as senior vice president of Worldwide Studios. The company’s board of directors says it is searching for a new president and CEO.
“I look forward to helping Midway’s Board choose an outstanding new CEO and I am pleased that we already have some highly qualified candidates in mind,” said Sumner M. Redstone, CEO of National Amusements, Inc., the controlling shareholder of Midway. “Our new leader must have the proven capabilities and track record to lead Midway and to reclaim its place in the forefront of the fast growing videogame industry.”
Founded in 1988, Chicago-based Midway publishes game software such as Area 51, Stranglehold, and the Mortal Kombat series for PlayStations, Xbox, Nintendo, and Game Boy Advance gaming systems.
The management change could be Midway’s saving grace. The company announced earlier this month that fourth quarter 2007 earnings were more than disappointing with a loss of 35 cents per share. Hopefully 2008 will be a better year as Booty takes control with a plan.
“Our plans include significant front-line releases, ambitious new intellectual properties, reinvigorated franchises with well-established fan bases, and new offerings in the casual games space,” Booty said in a press release.
Shares of Midway were down 5 percent, or 12 cents, to $2.04 during Thursday afternoon trading.
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