Jesse Sutton crowned CEO of Majesco

Publisher drops interim tag of chief exec; former Archie Comics, Hallmark exec Allan Grafman helms board of directors.

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In October, Majesco Entertainment settled its dispute with shareholders stemming from a class-action suit over alleged mismanagement by former CEO Morris Sutton and his executive sons, Jesse and Joseph. The step was a positive direction for Majesco, which has been attempting to grow new roots as a casual-game outfit after a disastrous stint in top-tier game production.

Today, Majesco took one more step on the road to recovery by, ironically, installing Jesse Sutton as the publisher's permanent chief executive officer. President of Majesco from 1996 to 2006, Jesse Sutton took the interim CEO reins from his father Morris after the elder Sutton stepped down amid controversy last August. Majesco has not had an official CEO since Carl Yankowski resigned in 2005, after the publisher's stock dropped half its value in a single day.

With his appointment as CEO, Jesse Sutton has stepped down from his position as Majesco board chairman and has been replaced by Allan Grafman, who previously held positions as president of Archie Comics Entertainment and executive vice president and chief financial officer of Hallmark Entertainment.

"The board wants to thank Jesse for his strategic leadership and direction over the past 16 months," said Grafman. "In addition to driving the mass market strategy, Jesse has led expense reductions, financings, and multiple new title releases. We are confident in his ability to aggressively build our business as he focuses on expanding the company’s distribution channels and creating partnerships to increase sales."

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