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SCi Management Forced Out

| 18 Jan 2008 14:46
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Three members of SCi Entertainment Group management have quit the company, following reports of shareholder pressure for their ouster.

According to a GamesIndustry report, company CEO Jane Cavanagh, Managing Director of Publishing Bill Ennis and Managing Director of Studios Rob Murphy have all stepped down and left the company. Chief Financial Officer Phil Rogers has taken over Cavanagh's role as CEO, while Malcolm Dunne, CFO of the company's U.S. operations, will step in to Rogers' position. Before joining SCi in March of 2007, Rogers served as vice president of corporate development for Electronic Arts.

SCi has also received funding proposals from potential partners, according to a statement, in the wake of its decision to delay the release of Eidos flagship title Tomb Raider: Underworld and reassess its capital needs. "Led by Phil, the Board has already commenced a root and branch review of the Company's strategy and will report back to shareholders on our findings and recommendations within our clear timetable," the company said. Review findings are expected to be reported to shareholders by the end of February.

Reports of shareholder dissatisfaction with Cavanagh and Ennis came to the surface earlier in the week, following the collapse of takeover talks for the company and news that the company would need to borrow heavily in order to continue operating through the year. The company's stock had declined steadily over the last six months of 2007, before crashing to less than half its value over the course of a single day on news of the takeover failure and delay of prominent game releases.

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