Midway Chairman Resigns

boscolio · June 06, 2004, 04:04 PM

Midway Games announced today that Chairman Neil Nicastro will resign from the board after the company's June 10th annual meeting. In a statement issued today, Nicastro cited personal and professional reasons for his surprise resignation from the publisher.

Concern from Shareholders over a series of personal sales of Midway holdings totaling $7.5 million in May of this year or pressure from Viacom's Chairman Sumner Redstone (who, along with holding company National Amusements Inc. owns 68 percent of Midway's shares) might have also had something to do with Nicastro's early departure, but specific details were not revealed. Midway will announce a successor shortly after the annual meeting, according to Redstone.

Source: Gamespy

June 06, 2004, 04:04 PM	#1 (permalink)
boscolio Member Character Info boscolio 60 Gnome Warlock Azgalor US PvP Guild: Dark Echo Talent Spec: 43/7/11	Midway Chairman Resigns Midway Games announced today that Chairman Neil Nicastro will resign from the board after the company's June 10th annual meeting. In a statement issued today, Nicastro cited personal and professional reasons for his surprise resignation from the publisher. Concern from Shareholders over a series of personal sales of Midway holdings totaling $7.5 million in May of this year or pressure from Viacom's Chairman Sumner Redstone (who, along with holding company National Amusements Inc. owns 68 percent of Midway's shares) might have also had something to do with Nicastro's early departure, but specific details were not revealed. Midway will announce a successor shortly after the annual meeting, according to Redstone. Source: Gamespy