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Kenneth D. Cron Named Chairman of the Board of MidwayShari E. Redstone and Joseph A. Califano also appointed (June 14, 2004)
Midway Games announced that the Company's Board of Directors has appointed Kenneth D. Cron, 47, as Chairman of the Board. The Company's Board of Directors also appointed Shari E. Redstone, 50, as Vice-Chairman of the Board. Mr. Cron and Ms. Redstone were elected as Directors at Midway's June 10 annual meeting. Midway also announced today the appointment of Joseph A. Califano, Jr., 73, as a new independent director, effective immediately. With the addition of Mr. Califano, Midway's Board now has eight members.
Midway's new Chairman, Kenneth D. Cron, stated, "I am a firm believer in the strength and future of the games industry and its growing prominence in the entertainment market. I believe Midway has many of the core assets to be an important player in this dynamic market. To that end, I am honored to lead Midway's newly-elected Board, and I look forward to helping the company realize its potential."
Midway's largest shareholder is Sumner M. Redstone, who directly and through his ownership of National Amusements Inc. owned approximately 70.4% of Midway's outstanding shares as of June 9, 2004.
"Midway has a great future in front of it," stated newly-elected Vice-Chairman, Shari E. Redstone. "After reviewing the Company's assets, management team and business plan, I believe we can grow Midway into a leader in this industry. My experience in the broader entertainment world has highlighted the great opportunity that exists in the interactive entertainment industry and I believe Midway can capitalize on this opportunity. I look forward to working with the other board members and Midway management in building this company."
Welcoming the newly elected board members to Midway, President and CEO, David F. Zucker, stated, "Midway is excited by the recent changes to our board and we welcome the wealth of talent and experience that these elections and appointments bring to our Company. Midway believes this new board will better enable us to further the Company's turnaround."
Reflecting the recent annual meeting elections and subsequent appointments, Midway's Board is now comprised of:
Kenneth D. Cron - Chairman; elected as a Director at Midway's June 10 annual meeting and will also serve on the Company's nominating and compensation committees. Mr. Cron is the Interim Chief Executive Officer of Computer Associates International and has been a director of Computer Associates since 2002. He was formerly the Chairman and Chief Executive Officer of Vivendi Universal Games, Inc., a global leader in the publishing of online, PC and console-based interactive entertainment and a division of Vivendi Universal, S.A., from 2001 until 2004.
Shari E. Redstone - Vice-Chairman; elected as a Director at Midway's June 10 annual meeting. Ms. Redstone will also serve on the Company's nominating, compensation and corporate governance committees. Ms. Redstone has served as President of National Amusements since January 2000 and from 1994 to 2000 as Executive Vice President of National Amusements. She is also a director of National Amusements.
Joseph A. Califano, Jr. - serves on the audit, nominating and corporate governance committees. Mr. Califano is Chairman and President, National Center on Addiction and Substance Abuse (CASA) at Columbia University. Mr. Califano has been a director of Viacom Inc. since 2003. He has a long and distinguished record of public service. Mr. Califano previously served as Secretary, Department of Health, Education & Welfare (1977-1979) during the Carter Administration. He was a top aide to Defense Secretary Robert McNamara during the Kennedy Administration, and served as President Johnson's Special Assistant for Domestic Policy.
Louis J. Nicastro - Director since 1988. Mr. Nicastro served as the Chief Executive Officer of WMS Industries Inc., Midway Games' former parent company, from 1998 until June 2001 and was also its President from 1998 to April 2000. He has served as Chairman of the Board of WMS since its incorporation in 1974. Mr. Nicastro also served WMS as Chief Executive Officer or Co-Chief Executive Officer from 1974 to 1996 and as President (1985-1988, 1990-1991), among other executive positions.
William C. Bartholomay - Director since 1996. Mr. Bartholomay will also serve on the Company's audit and compensation committees. Mr. Bartholomay was appointed Group Vice Chairman of Willis Group Holdings, Inc. and Vice Chairman of its principal U.S. subsidiary, Willis North America, a global insurance brokerage, in August 2003. For more than five years prior to this appointment, Mr. Bartholomay served as President and a director of Near North National Group, insurance brokers in Chicago, Illinois.
Harold H. Bach, Jr. - Director since 1996. Mr. Bach will also serve on the Company's audit committee. Mr. Bach served as the Company's Chief Financial Officer and an Executive Vice President from 1996 to September 2001, when he retired. Mr. Bach was Midway's Senior Vice President--Finance and Chief Financial Officer from 1990 to 1996, and was the Company's Treasurer from 1994 to April 2001. Mr. Bach also served as Vice President--Finance, Chief Financial and Chief Accounting Officer of WMS Industries Inc., Midway Games' former parent company, for over five years until September 1999.
Ira S. Sheinfeld - Director since 1996. Mr. Sheinfeld will also serve on the Company's corporate governance committee. Mr. Sheinfeld has been a partner of the law firm of Hogan & Hartson L.L.P., and its predecessor law firm, Squadron, Ellenoff, Plesent & Sheinfeld LLP, New York, New York for over five years. He is a director of WMS Industries Inc., Midway Games' former parent company.
Robert N. Waxman, CPA - Director since December 31, 2003. Mr. Waxman will also serve on the Company's audit committee. Mr. Waxman is a Principal of Corporate Finance Advisory, a New York-based accounting and consulting firm, which he founded in 1992.
About Midway Games
Midway Games Inc. is a leading developer and publisher of interactive entertainment software. Midway videogames are available for play on all major videogame platforms including the PlayStation2 computer entertainment system, Xbox video game system from Microsoft, Nintendo GameCube and Game Boy Advance.
Midway has been a leader in the industry since the dawn of the video game revolution, with early breakthrough titles including Pong, Defender and Spy Hunter. Recent blockbuster titles include Ready 2 Rumble Boxing, Hydro Thunder, NFL Blitz and the Mortal Kombat series.
For more information visit www.midway.com.
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