Majesco interim CEO and chairman steps down

The revolving door that has been the publisher's management team in 2006 turns again, this time with departing executive's son taking the reins, also on an interim basis.

This year continues to be a tumultuous one for publisher Majesco's upper-level management, as this week the company announced that its interim CEO and chairman of the board Morris Sutton has resigned those positions. Replacing Sutton in the role of interim CEO is his son Jesse Sutton, the company's president. The elder Sutton will once again become the company's chairman emeritus and work on sales and distribution for the publisher of games like Jaws Unleashed, Psychonauts, and BloodRayne.

Morris Sutton came under fire from his own shareholders in March, when a group with nearly 11 percent ownership in the publisher threatened to sue the company, accusing Sutton of ignoring his duty to the shareholders and running the company solely for the benefit of himself and his sons, Jesse and Joseph, the latter being the company's executive vice president of research and development.

"Jesse and Joey Sutton do little to further [Majesco's] business and strategic objectives and have been placed in such high-paying positions of management as a result of Morris Sutton's selfish desire to compensate his own children at the expense of [Majesco] and its shareholders," the group alleged.

This was not the first time the Sutton brothers caused friction for the company. In February, two members of the Majesco board of directors quit the company, explaining in their resignation letters that Morris would not commit to staying with the company if the board of directors insisted that he fire "certain other members of the Sutton family employed by the company." The departing board members explained that Morris' participation in the company was crucial to its success, so they would rather step down to keep him around than force the firing of his relatives and have him quit in retaliation.

After the pair of board members resigned, Jesse and Joseph resigned from the board of directors (then reduced to three people) to ensure that a majority of the board was made up of independent directors. The company has since brought on additional independent board members, and Jesse this week received a reappointment to the board, along with his new title as interim CEO.

Earlier this month, the company's executive vice president of global sales, Dick Wnuk, resigned his post in the company (but stayed on in a consultancy role). Last month saw the resignation of board member Steven Weinstein, who had only been a member of the company's board of directors since April.

Morris Sutton was named the interim CEO in February. His nearly six-month term in the interim position didn't quite match that of his noninterim predecessor, Carl Yankowski. After taking the role of CEO in August 2004, Yankowski stepped down in July of 2005 as Majesco sharply downgraded its financial outlook, losing the company more than 50 percent of its share value in a single day.

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Discussion

26 comments
faridmon
faridmon

well, they made my favourite 2D fighting game into crap for my DS, (Guilty Gear Dust Strikers), i hope they all go to hell (no offense though).

TintedChimes
TintedChimes

Right on SOG! Psychonauts was pretty fun but it would have probably been a marketing disaster. But I still agree with you.

Guidochua
Guidochua

what's all the Sutton this and Sutton that?

S_o_G
S_o_G

Would seem more likely to me that its the entire company thats at fault and not just a few people. what else can explain the creation of a 2 great games Psychonauts and Advent Rising. Psychonauts failed in sales because of near to no Advertising. Advent rising failed because of stupid advertising such as 1 million dollar sweepstakes...ect and in the end that contest failed because it was implimented so badly. Advent rising was a good game to a point but didn't deserve the millions of dollars of advertising it received. Psychonauts should have received that advetising.

metdevthegamer
metdevthegamer

Very intriguing. I'd like to see how this effects future developments of Majesco.

ramiz_kkk12
ramiz_kkk12

thank,s a lot , for this Good news , i Hope verily to produce the Bloodrayny Game in the PSP

Pastehunter
Pastehunter

Yeah , they destroyed all there promissing title for the PSP : Blodreyne , B&W creatures , Advent Shadows , and they promoted that crap Dinosaur game for the DS , they deserve it .

CitizenKang_666
CitizenKang_666

This news might be interesting if Majesco had a few GOOD games under it's belt. (Yeah, Psychonauts was alright If you look past the collect-a-thon that makes up the bulk of the game)

LinkErdrich
LinkErdrich

No surprises here seeing how poorly they've done this past couple of years. TOo bad they didn't hype Psychonauts like they hyped Advent Rising. Talk about a missed oppurtunity there.

FRoStYisGoD
FRoStYisGoD

yeh there games dont seem very good at all

trekker1303
trekker1303

This is too bad. Psychonauts was an awesome game. Advent Rising was the big dissapointment for them. I would take the reins of the company for them and could probably do a better job. Also, isn't nepotism illegal in the business world?

comthitnuong
comthitnuong

they werent really making any games i liked

valspar0075
valspar0075

Not a big deal. Majesco really did not have that many good titles. They had a chance to do something good with the bloodrayne franchise and screwed that up with the second game.

dukerav
dukerav

Wow you havent heard of Majesco? Anyway Im beginning to wonder if maybe or not the writing is on the wall so to speak for them.

Deagler_
Deagler_

"GET YOURSELF A BASEBALL BAT" great line from yesterdays HotSpot lmao

SquallLeonVIII
SquallLeonVIII

Never heard of Majesco until today and I looked at some of the games and they are not very good.

neoand12
neoand12

m0zart and only Psychonauts...Majesco is not that good.

m0zart
m0zart

dEaThAwAiTs013 said: It's not like any good games come from them anyway, so it doesn't matter. Uhm... Psychonauts was awesome!

dEaThAwAiTs013
dEaThAwAiTs013

It's not like any good games come from them anyway, so it doesn't matter.

John_of_Fire
John_of_Fire

Wow this company really looks to be in bad shape. They were publishing such good stuff too. I hope they can pull it together.