February 8, 2016 | by Michael
Mad Catz CEO and Chairman Resign (UPDATE)

Update: I was sure the financial news would be grim from Mad Catz, but I didn’t think it’d be this grim. According to Gamasutra, Mad Catz is cutting their staff by 37% in an effort to save money going forward. This will save the company around $5 million a year and hopefully allow them to start paying down their debt. There is some good news for Mad Catz, yearly sales were up 114% compared to the previous year. Some of that will probably continue to go up with Street Fight V on the horizon but Mad Catz needs to do something if they want to stay afloat.

Original Story: Just a day before Mad Catz is set to release an earnings report, CEO Darren Richardson, chairman Thomas Brown, and senior VP of business affairs Whitney Peterson all resigned. In a press release that still touts tomorrow’s earnings report, Mad Catz is claims to be thankful for Richardson, Brown, and Peterson’s work and reveals their replacements.

This all comes after a recent history with debt that Mad Catz was hoping to pull themselves out of by co-publishing Rock Band 4 alongside the game’s developer, Harmonix. No official word on how Rock Band 4’s sales impacted today’s resignations but I doubt this is all a coincidence. Mad Catz was criticized for producing below average instruments for Rock Band 4, and when the co-publishing deal was announced, Mad Catz were very straightforward about needing Rock Band to sell very well to survive.

Managing Editor around here, moderator over at Giant Bomb, writer at prowrestling.cool

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