Going off naught but anecdotal evidence, it's easy to see why Midway CEO David Zucker was binned (as if he actually "resigned") earlier this week. Guy didn't do a very good job, and leaves Midway in worse shape than when he came in. But that's just a general assumption: it's a lot more fun to look at some numbers showing just how shitty the company have become since 2004, when Sumner Redstone bought a majority stake in the company (which ties in nicely with Zucker's tenure, which began in 2003):
- Midway have lost around $300 million dollars since 2004
- Their revenue growth from 2004 through to 2007 was -3%
- The increase in net losses from 2004 through to 2007 was at least 399%
- Midway's stock value has dropped by 79% since 2004
- Sumner Redstone have lost over $500 million in equity since taking over Midway
All paint a bleak picture, but me, I think Zucker's fate was sealed the day somebody at Midway saw Cruis'n on the Wii and said "yes, brilliant, let's release this".
Midway CEO David Zucker canned after Sumner Redstone stacks up huge losses [Variety]