Management Turnover as Change Agent

Friday, January 18, 2008

War Games Publisher Execs Gets Zapped

Sci Entertainment Group SEG.L (London Exchange) the U.K. publisher and software/video game designer, well known for its war games and for the Lara Croft related games, went through a major executive purge early today after the company announced a sharp profits drop. The company has been dropping like a stone for the last year. According to a story by Tim Barwell for Bloomberg,
The stock had fallen 90 percent in the 12 months before today, making it the second-worst performer on the FTSE All-Share index after Northern Rock Plc.
According to a story by Dan Sabbagh in the Times Online,
Jane Cavanagh, chief executive of SCi Entertainment, and Bill Ennis and Rob Murray, the two divisional managing directors, have all left "with immediate effect". Shares in the company rose by 33.8 per cent, or 16¼p, to 64¼p.
Cavanagh will be replaced by Phil Rogers, group chief financial officer who joined the company last March. He will begin an emergency "business review". Ironically, Sci's problems come at a time when most companies in the field have been performing rather well. The management changes at Sci are a positive change, the question remains, can the firm save itself with a sale or some other arrangement?

Stay tuned:

For more:

The Press Association
The Guardian

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