Founder Morris Sutton retakes the reins as chairman and interim CEO.Edison-based video-game publisher Majesco Entertainment (Nasdaq: COOL) is getting its old boss back. Morris Sutton, founder of the company, was named chairman and interim CEO by the companyÂs board.
Sutton takes over the chair from James Halpin, who has resigned from the companyÂs board and committees. Majesco was also notified by the Nasdaq stock exchange that it no longer meets the listing requirement of a minimum of $10 million in stockholdersÂ equity. The company has until Feb. 21 to present a plan to meet and sustain that criteria going forward.
Halpin was CEO of CompUSA from 1992 to 2001. He became chairman last July when then-chairman and CEO Carl Yankowski resigned. The CEO position has been vacant since, and the hunt continues for a permanent successor. Yankowski quit in the wake of the companyÂs failure to meet sales expectations after MajescoÂs heavily marketed video game titles like ÂAdvent RisingÂ flopped in the market.
Along with Halpin, Marc Weisman resigned from the companyÂs board and committees. Majesco is looking to add two new independent members to its board of directors. Jesse Sutton, president, and Joseph Sutton, executive vice president of R&D, sons of founder Morris, stepped down from the board.
Majesco last month announced it would exit the premium video-game market to focus on value-priced games, the core business that Sutton had initially built the company around. Shares of Majesco were up a penny to $1.08 in morning trading.