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Midway CEO David F. Zucker Resigns

by Rainier on March 20, 2008 @ 12:04 p.m. PDT

After its executive VP recently resigned and with the inability to stop the losses from mounting, CEO David F. Zucker has decided to call it quits and quietly resigned. Midway has appointed Matt Booty as Interim CEO while the Board of Directors searches for a new Chief Executive Officer and President.

“Dynamic new leadership is needed to bring Midway to its full potential,” said Shari Redstone, Chair of the Board. “I believe that Midway has the resources and creative capability to once again be competitive with the best in the videogame business. The Board is confident that a new CEO will be selected who can fully utilize the opportunities presented by this next-generation console cycle to renew Midway’s position as a major player in the videogame industry.”

Sumner M. Redstone, Chairman of the Board and CEO of National Amusements, Inc., the controlling shareholder of Midway, said, “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. 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.”

“I am excited to have the opportunity to lead our game teams and talented associates as we roll out our 2008 releases,” said Matt Booty. “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.”

Mr. Booty has served Midway in progressively more responsible positions since 1991, most recently as Senior Vice President - Worldwide Studios. He succeeds David F. Zucker, who is leaving the company.

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