SCi management out, stock price recovering
SCi shareholders must be celebrating like the Munchkins of OZ after Dorothy dropped a house on the Wicked Witch of the East over the resignations of the company's executive board -- shares rose 44% on the news. The company's stock plummeted last week over the news that SCi had taken itself off the market for a buyout, causing investors to call for the heads of the executive board.
The board officially saw the resignation of CEO Jane Cavanagh, Managing Director of Publishing Bill Ennis and Managing Director of Studios Rob Murphy; all resignations were effective immediately and former Corporate Development Director of EA Phil Rogers is now the chief executive. SCi Chairman Tim Ryan says the company needs to restore faith and trust in investors by "under-promising and over-delivering." Meanwhile, SCi will strap on the stilettos and start walking the streets again in search of a potential suitor -- maybe it'll fight for territory with Codemasters on the corner.
