14 DAY TRIAL // Not all is jolly and merry in the video games industry this time of the year as Midway's Kenneth D. Cron has resigned from the Company's Board of Directors having completed over 3 years of service. Mr. Cron joined Midway's Board of Directors in 2004, according to an official Midway report, and he was the chairman of the board, chairman of the Special Committee of Independent Directors, and a member of the Compensation Committee and the Nominating and Corporate Governance Committee.
As such, the Board of Directors has elected Shari E. Redstone as Chair of the Board. Ms. Redstone is an active member of the Compensation Committee and the chair of the Nominating and Corporate Governance Committee. Ms. Redstone is also vice chair of Viacom and vice chair of CBS Corporation.
"On behalf of Midway and our board of directors, I wish to extend my heartfelt thanks and appreciation to Ken for his outstanding contributions and years of service as a director and chairman," said Shari E. Redstone. "All of us greatly value our continuing relationship with Ken and look forward to working with him again in the future."
Don't take this the wrong way though, no one has forced Mr Cron to resign. Midway was in the "mid-way" of the man's business plans and family commitments. Here's Mr. Cron himself saying a few: "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 Redstone promises to work closely with management and her fellow board members in 2008 when Midway has plans "to release an impressive slate of games."