After less-than-stellar fiscal-year results, Midway Games' CEO of five years, David Zucker, departed the firm. Afterward, senior vice president Matt Booty stepped up to the plate as the search for a new leader commenced.
The reasons for these misfortunes were manifold. BlackSite: Area 51 and Hour of Victory weren't huge commercial successes, Unreal Tournament III and Stranglehold suffered from delays, and Vin Diesel movie tie-in Wheelman was pushed back until 2008.
At the time of Zucker's departure, Midway chairman Shari Redstone said that "dynamic new leadership" was needed for the company to regain its footing.
The company still has no permanent CEO, but two other executives have been given promotions that make them "the key to putting Midway back on the path to profitability," according to interim chief executive Booty.
Miguel Iribarren has been promoted to senior vice president, publishing, and Martin Spiess has been given a leg up to executive vice president, international.
Iribarren originally joined Midway in 2002, and was most recently vice president of publishing. Before Midway, he worked as vice president of research for Wedbush Morgan Securities, the interactive-entertainment analysis firm that currently employs Michael Pachter.
Spiess joined Midway in 2005, and has been working since then as the company's European managing director.
Booty commented, "With these two executives, as well as the rest of our experienced management team, I am confident that we can improve execution and deliver on Midway's promise to regain its industry leadership and become a top tier, profitable company in the coming years."