Only about a week after announcing there was no deal made to acquire the company, SCI Entertainment, creators of "Tomb Raider" and "Kane and Lynch," sent three of their top executives packing, including CEO Jane Cavanagh. Others also leaving are managing directors Rob Murphy and Bill Ennis. The departures are effective immediately.
Former Electronic Arts (ERTS) executive Phil Rogers, who is current chief financial officer, will move into the CEO position.
This had to happen with the current healthy state of the gaming market. With the strong franchises existing in the company, it was inexcusable that they allowed the timing of the releases to almost destroy the company, especially missing the Christmas shopping season.
The company said they're going to do a full business review and looking to secure the necessary funding to last until they are able to roll out a new generation of Tomb Raider games. They added that they'll be ready with a report to shareholders toward the end of February.
Taking the temporary position of company CFO until a permanent replacement is found will be Malcolm Dunne, who is the CFO on the States' side of the publishing business.
Time Warner (TWX) is a 10 percent shareholder in the company.
Comment Preview