Bernard Stolar, president of BAM! Entertainment, much-touted as being the next big thing, has resigned following the firm?s calamitous float on the stock exchange.
From a high of around ten dollars a share, BAM! stocks are trading at 17 cents, with delisting from the Nasdaq exchanged threatened. For reference, Nasdaq insists that all firms stay above one dollar in value.
?Bernie's efforts over the last year have helped drive the company towards more efficient operations and a product strategy that we believe will enjoy success in the market and significantly help our bottom line," said Ray Musci, who replaces Stolar. "We are thankful for his work and glad that he has offered to remain as an advisor and consultant to the company going forward.?
It is believed that the step-down came as part of BAM!?s urgent cost-cutting measures.
It will be interesting to see where Stolar re-emerges. Having done a stint at Sega, he is a big-hitter, and will no doubt be gracing the payroll of another American games outfit within weeks.