Midway Games today announced that Kenneth D. Cron has resigned from the company’s Board of Directors after 3 years on the job. Mr. Cron joined Midway’s Board of Directors in 2004 as the chairman of the board. The Board of Directors has elected Shari E. Redstone as Chair of the Board, daughter of majority stockholder Sumner Redstone (who also owns majority shares in Viacom and CBS). Ms. Redstone is also vice chair of Viacom and vice chair of CBS.
Mr. Cron stated, “It has been a privilege to serve as chairman of Midway for several years and I have enjoyed working with my colleagues on the board and with the management team. I continue to believe in Midway’s future and, under the guidance and direction of the board, I feel confident that Midway will build that future successfully. In view of my other significant business and family commitments, I felt that the end of this year was the best time for me to complete my service on the Midway Board of Directors.”
Shari E. Redstone, vice chair of the board, stated, “In 2008, we plan to release an impressive slate of games and I will work closely with management and my fellow board members to continue pursuing exciting growth opportunities for Midway.” Sumner Redstone, the company’s largest shareholder, stated: “I fully support the election of Shari as Chair and I am totally confident of Midway’s success. I believe that this will become apparent as future events evolve.”