Shareholders Demand Resignation Of SCi Chief Executive

Andy Chalk

One Flag, One Fleet, One Cat
Nov 12, 2002
Shareholders Demand Resignation Of SCi Chief Executive

The drama at announcement []that talks regarding a takeover of the company had fallen through.

A report by the Tomb Raider: Underworld [] and three other titles into the fourth quarter of 2008, which drove its share price down to less than half its previous day value.

Prior to that single-day crash, the company's share value had been steadily declining, shedding 65 percent of its value between July and December 2007, and sources are now claiming that despite reports of interest from Time Warner [], SCi never received a single firm offer. The company's stock, at one point valued at over $10, is now trading at roughly $1.30 per share.

Along with Cavanagh, whose position has been described as "untenable" by one major investor, shareholders are also demanding the resignation of her husband, Commercial Director Bill Ennis, and Tim Ryan, the company chairman. Sources in the company say that Director of Finance Phil Rogers, who joined with SCi in February 2007, has been pegged as temporary CEO until a permanent replacement can be found.