Midway Chairman Resigns

Neil Nicastro, chairman of Midway Games, has announced his intention to resign from the board of the company at the end of next week. He cites personal and professional reasons for the resignation but has stated that he believes the company has a bright future ahead of it. The move is no doubt related to the purchase of a controlling share in the company by Viacom chairman Sumner Redstone, who recently requested that Shari Redstone and Kenneth Cron be nominated for election to the company’s board of directors at the next annual meeting of shareholders, which is expected to be held this month. A replacement for Nicastro has not yet been announced and will likely not be before the shareholders meeting. Source: SPOnG