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Matt Booty named Midway president and CEO

Interim position made permanent by company's board of directors

Midway Games has appointed Matt Booty president and CEO of the company, following his acting as interim boss since earlier this year.

CEO David Zucker left the company in March, after Midway reported an annual loss of USD 97.4 million. After which, Booty - formerly the senior vice president of Worldwide Studios - took up the role on a temporary basis.

"Over the past two quarters we have made progress reducing costs, realigning our studios, and improving execution on our game launches," said Booty.

"Along with the rest of our management team, I am committed to continuing to drive this progress and maintain a sharp focus on the successful implementation of our plans for the fourth quarter and beyond."

Shares in Midway Games dropped 12 per cent earlier this month, down 15 cents to USD 1.10. The company expects a third quarter net loss of USD 0.70 per share, compared to a previously estimated net loss of 0.49 per share.