Saturday, March 22, 2008

This Is Why Midway's CEO Is No Longer Midway's CEO [Midway]

 Going off naught but anecdotal evidence, it's easy to see why Midway CEO David Zucker was binned (as if he actually "resigned") earlier this week. Guy didn't do a very good job, and leaves Midway in worse shape than when he came in. But that's just a general assumption: it's a lot more fun to look at some numbers showing just how shitty the company have become since 2004, when Sumner Redstone bought a majority stake in the company (which ties in nicely with Zucker's tenure, which began in 2003):

- Midway have lost around $300 million dollars since 2004

- Their revenue growth from 2004 through to 2007 was -3%

- The increase in net losses from 2004 through to 2007 was at least 399%

- Midway's stock value has dropped by 79% since 2004

- Sumner Redstone have lost over $500 million in equity since taking over Midway

Midway CEO David Zucker canned after Sumner Redstone stacks up huge losses [Variety]

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