Mark Androvich
17:40 (BST)
02/01/2008
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Midway's board chairman resigns
Shari E. Redstone elected as new Chair
Midway's Chairman of the Board Kenneth D Cron resigned from the company's Board of Directors effective December 21, 2007.
Cron, the former CEO of Vivendi Universal, joined Midway's board in 2004.
"It has been a privilege to serve as chairman of Midway for several years and I have enjoyed working with my colleagues on the board and with the management team," he said.
"I continue to believe in Midway's future and, under the guidance and direction of the board, I feel confident that Midway will build that future successfully.
"In view of my other significant business and family commitments, I felt that the end of this year was the best time for me to complete my service on the Midway Board of Directors."
Shari E Redstone, the vice chair of the board, was elected by the Board of Directors to replace Cron. Ms. Redstone is also the vice chair of Viacom and CBS Corporation. Her father, Sumner Redstone, is Midway's largest shareholder and controls both CBS and Viacom.
"On behalf of Midway and our board of directors, I wish to extend my heartfelt thanks and appreciation to Ken for his outstanding contributions and years of service as a director and chairman. All of us greatly value our continuing relationship with Ken and look forward to working with him again in the future," Ms. Redstone said.
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