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