Midway commits to Booty

In March, Midway's CEO David Zucker stepped down after presiding over a five-year stint that saw the publisher's stock rise from a little over $2 to $22 and back again. The board of directors then installed the company's senior vice president of worldwide studios Matthew Booty in the role of interim CEO.

Since his appointment, Booty has consolidated studios, laid off employees, canceled projects, and terminated licenses. Today the Midway board of directors rewarded Booty for his active cost-cutting approach by removing the "interim" adjective from his business card. As the publisher's CEO and president for the foreseeable future, Booty will try to execute on Midway's current focus, key licenses and owned properties such as TNA Impact, Mortal Kombat, Blitz: The League, and the upcoming Wheelman.

Regardless of Booty's strategy, Midway has a steep hill to climb. The company is expecting to report losses of $0.70 per share for the third fiscal quarter, and like many others, its stock has taken a severe beating due to the current economic crisis. Midway stock finished September trading at $2.37, and has since fallen drastically, ending today's trading at $0.75.