SCi Entertainment Group plc ('SCi') announces management changes and business review
The Board of SCi has today announced a number of changes to its management team and a business review.
Executive management team changes
Jane Cavanagh, Bill Ennis and Rob Murphy have stepped down from their respective positions as CEO, Managing Director, Publishing and Managing Director, Studios and will leave the Company with immediate effect.
Phil Rogers, who joined the Group in March 2007 as Corporate Development Director from Electronic Arts, subsequently becoming Group CFO in September of last year, has been appointed as Chief Executive with immediate effect.
Malcolm Dunne will take over as interim CFO but will not join the Board. He is currently CFO of the Group's US publishing business. The board will look internally and externally to fill this position permanently.
Business review and working capital
Phil Rogers is leading the business review with the full support of the Board and a small team of senior managers from within the business.
In parallel with this review, as was stated in the trading up-date of 9 January 2008, the decision to make changes to the platform and release schedule has required the Company to reassess its working capital needs. The Company has received proposals from potential partners however the Board continues to examine all funding opportunities which it will determine in due course.
It is the Board's intention to report back to shareholders with the findings of its review and update on its financing discussions by the end of February with its Interim Results for the six months ended 31st December 2007.
Announcing these actions, SCi Chairman, Tim Ryan said:
'In Phil Rogers, SCi has a high-quality industry professional, whose past experience will be enormously valuable to the future of the business.
'Led by Phil, the Board has already commenced a root and branch review of the Company's strategy and will report back to shareholders on our findings and recommendations within our clear timetable.
'We have a tremendous pool of talent in our business and some wonderful intellectual property which is globally renowned. The market for games and gaming is strong and growing with huge opportunities worldwide as new platforms and technologies blossom. We intend to take advantage of those strong market conditions.'
Background details on new management
Phil Rogers - CEO
Phil joined SCi in March 2007 as Corporate Development Director where his key responsibilities were to identify strategic areas for development and assessing market opportunities.
Prior to joining SCi, for three years Phil was Vice President, Corporate Development at Electronic Arts Inc., working at its US headquarter and UK sites, on the identification, execution and integration of business acquisitions. Phil is a Chartered Accountant who spent nine years with Ernst & Young LLP in their assurance and advisory practice groups, was Chief Executive of MathEngine PLC, a physics simulation business and was Chief Financial Officer of Criterion Software, a provider of middleware products and services to the worldwide video games industry until 2004, when it was acquired by Electronic Arts.
Malcolm Dunne - Interim CFO
Malcolm is a Chartered Accountant with 10 years industry experience covering three continents.
He joined Electronic Arts in South Africa in 1998 for two years before moving to Europe in 2000. He joined Capcom in 2001 where he was European Finance Director overseeing all Finances and Operations for the Company in Europe and was instrumental in establishing Capcom's European presence and was also a Director of Capcom Germany.
In 2004 he joined Eidos as Group Financial Controller before relocating to the US where he has since being CFO of Eidos' biggest publishing operation.
Jane Cavanagh, Bill Ennis and Rob Murphy have stepped down from their respective positions as CEO, Managing Director, Publishing and Managing Director, Studios and will leave the Company with immediate effect.
Phil Rogers, who joined the Group in March 2007 as Corporate Development Director from Electronic Arts, subsequently becoming Group CFO in September of last year, has been appointed as Chief Executive with immediate effect.
Malcolm Dunne will take over as interim CFO but will not join the Board. He is currently CFO of the Group's US publishing business. The board will look internally and externally to fill this position permanently.
Business review and working capital
Phil Rogers is leading the business review with the full support of the Board and a small team of senior managers from within the business.
In parallel with this review, as was stated in the trading up-date of 9 January 2008, the decision to make changes to the platform and release schedule has required the Company to reassess its working capital needs. The Company has received proposals from potential partners however the Board continues to examine all funding opportunities which it will determine in due course.
It is the Board's intention to report back to shareholders with the findings of its review and update on its financing discussions by the end of February with its Interim Results for the six months ended 31st December 2007.
Announcing these actions, SCi Chairman, Tim Ryan said:
'In Phil Rogers, SCi has a high-quality industry professional, whose past experience will be enormously valuable to the future of the business.
'Led by Phil, the Board has already commenced a root and branch review of the Company's strategy and will report back to shareholders on our findings and recommendations within our clear timetable.
'We have a tremendous pool of talent in our business and some wonderful intellectual property which is globally renowned. The market for games and gaming is strong and growing with huge opportunities worldwide as new platforms and technologies blossom. We intend to take advantage of those strong market conditions.'
Background details on new management
Phil Rogers - CEO
Phil joined SCi in March 2007 as Corporate Development Director where his key responsibilities were to identify strategic areas for development and assessing market opportunities.
Prior to joining SCi, for three years Phil was Vice President, Corporate Development at Electronic Arts Inc., working at its US headquarter and UK sites, on the identification, execution and integration of business acquisitions. Phil is a Chartered Accountant who spent nine years with Ernst & Young LLP in their assurance and advisory practice groups, was Chief Executive of MathEngine PLC, a physics simulation business and was Chief Financial Officer of Criterion Software, a provider of middleware products and services to the worldwide video games industry until 2004, when it was acquired by Electronic Arts.
Malcolm Dunne - Interim CFO
Malcolm is a Chartered Accountant with 10 years industry experience covering three continents.
He joined Electronic Arts in South Africa in 1998 for two years before moving to Europe in 2000. He joined Capcom in 2001 where he was European Finance Director overseeing all Finances and Operations for the Company in Europe and was instrumental in establishing Capcom's European presence and was also a Director of Capcom Germany.
In 2004 he joined Eidos as Group Financial Controller before relocating to the US where he has since being CFO of Eidos' biggest publishing operation.