SCi CEO quits

Eidos parent chief Jane Cavanagh resigns after buyout talks crumble and major title delays, shares spike after replacement publicly named.

by

All this week, reports have been circulating that Eidos Interactive parent SCi Entertainment might be in trouble. There were rumblings of shareholder discontent, when takeover talks--which started in September--were officially ended. Then, the company's stock took a rapid downturn by plummeting by more than half its value in one single day.

SCi also announced that four of its major titles--including the newly announced Tomb Raider Underworld--would be delayed. An unnamed "top investor" called CEO Jane Cavanagh's position "untenable," and there were calls for her, along with two other execs, to be relieved of their duties.

Today, SCi announced that Cavanagh has resigned from her post, along with managing directors Bill Ennis and Rob Murphy. Phil Rogers, who joined the company last March and was promoted to chief financial officer in September, will succeed her. Malcolm Dunne will be interim CFO while the company looks for a permanent replacement.

According to a statement from SCi, a business review is under way, and proposals from possible partners and funding opportunities are "being examined." The findings of the report are expected to be presented to shareholders by the end of February.

SCi stock had risen 44 percent to £69.25 ($135.21) at the end of the morning on the London stock market. After the news that the takeover was off the cards, shares in the company fell to an 18-year low of £0.52 ($1.02).

Discussion

34 comments
miiiguel
miiiguel

Claus_DuBois, 1 British pound ~ almost 2 U.S. dollars.

Agreb91
Agreb91

That sucks for the company and now someone is out of a job.

Dryker
Dryker

Don't know if it would make their stocks rise, but a Next-Gen installment of Legacy of Kain would definitely be nice. Tomb Raider: Underworld looks promising, I don't expect it to be delayed much. There's money there if marketed right.

Mush_Mouth
Mush_Mouth

Works for me...in my opinion Tomb Raider was the most overrated game series since the original released on the ps1, and these guys have made a handful of decent games in the past 10 years.

godzillavskong
godzillavskong

If they want their stock to rise, they should do a true next-gen installment of Soul Reaver/Legacy of Kain.

fatty5xl
fatty5xl

[This message was deleted at the request of a moderator or administrator]

Azwhtknight
Azwhtknight

Well I can't really blame the shareholders for wanting a change since Edios was beginning to garner a bad reputation in the recent years. Maybe some new leadership is just what they needed to bring in some fresh ideas. I wish them luck. As much as I like Tomb Raider, I am glad that they put it on hold for now since there is to much turmoil right now to give it proper attention. But not to worry, they won't turn their back on a successful license for long. Better a delay than an inferior game.

Bio-G
Bio-G

JUAT!! wait a minute.... i want some FEAR EFFECT LOVE!! WHERE IS IT!!! most people probably forgot how amazing the game is!! i just got the first game recently and its pretty good!!!

zimaking
zimaking

15 minutes ago I finished Tomb Raider Anniversary on the PS2 and was looking for some PS3 Tomb Raider info and this news doesn't seem so great, but will wait and see of course.

SPD_WeBmAsTaH
SPD_WeBmAsTaH

They'll be fine, just suck it up, buttercup.

tatu2004
tatu2004

don't like tomb raider that much but Hitman 5 should help matter

Wolfmother0791
Wolfmother0791

Personally, my favorite game from Eidos is Deus Ex. The first one was amazing, but the second one fell kinda short. I lost interest in it about 4 times and then forgot about it for about a year before i picked it up again and actually finished it. Hopefully Deus Ex 3 will renew my faith in Eidos. I don't really care about Hitman or Tomb raider (once again, originally good games but the new ones fall short and are kinda crappy).

Booticon
Booticon

Eidos should just go away.

Realmjumper
Realmjumper

If you delay games that means you are dedicating more time so they don't come out buggy like Tomb Raider. As for laughing at SCI, that's just dumb. There are a few people who caused Jeff's faul but the whole copmany is not to blame. Eidos and SCI are good companies who support smaller studios that push good games. Just wait for Deus Ex 3, that game will deliver this time around. www.deusex3.com. www.eidosmontreal.com

mykel77
mykel77

yeah, you dont delay big games like tomb raider, which was just announced and delayed? retarded. i dont blame the shareholders, time to get some new blood in there and fix their mistakes. you dont mess with hitman or tomb raider. remember what happened with CORE and Angel of Darkness? Yeah exactly

nintendorocks
nintendorocks

Hahaha. I continue to laugh at you SCi. Sweet, sweet karma.

JackfnBurton
JackfnBurton

Jeff Gerstmann is avenged! What...too soon?

p00phead
p00phead

freedom fighters 2 will ressurect them from kane and lynch

Claus_DuBois
Claus_DuBois

Am I missing something? It seems the currency conversions the last paragraph are totally jacked: £69.25 is only US $1.36 not $135.21and £0.52 is something less than a US penny.

Canitbe
Canitbe

Actually, I'm going to scoop up some of this stock. At it's current offering, it's a pretty good garbage bargain.

ColdfireTrilogy
ColdfireTrilogy

Well seems to look like they are stabilizing so no worries.

Romperstomper74
Romperstomper74

thats a pretty steep drop in money for them and the investors, lets hope that they can pull out of this and come back and make a good game with the Tomb Raider one as I am desperately awaiting for the reelease of that game!

kainen666
kainen666

Tomb Raider is too big an ip to be just left for dead, so dont worry.

Alfredozero
Alfredozero

I wish Eidos could recover from all this, TR: underworld and Hitman 5 may help of course

landcrow
landcrow

Tomb Raiders are good if a little confusing.

zeke2040
zeke2040

i never like tomb raider... and the movies sux big time too... well i do wish the best for them...

Strike_Zer0
Strike_Zer0

Hopefully they can get back on their feet.

Bahaa3000
Bahaa3000

Does this meen that Tomb Raider and HITMAN are going to stop ? What will happen to Tomb Raier : Underworld ?.

mad_tyger
mad_tyger

Wow, that's quite a drop. Hopefully they can pull out of it.

jknight5422
jknight5422

Invest in game companies at your bank account's peril.

icarus212001
icarus212001

....so does that mean no more Tomb Raider?