The company announced that Chairman and CEO, Brian Fargo, resigned from both positions, effective today. Herve Caen, current President of Interplay and a senior executive at Titus, was appointed the Interim CEO by Interplay's Board of Directors, which Titus largely controls now.
In the release about Fargo's departure, Caen is quoted as saying "I wish Brian the best of luck in his future endeavors. I look forward to working closer with the great team of people at Interplay to continue moving the company in a new direction. Together we will build the future of Interplay and maintain our dedication to making cutting-edge products for the PC and next-generation console platforms."
However, in a separate development reported by Reuters, Interplay revealed in a quarterly filing with the U.S. Securities and Exchange Commission that the company is considering legal action against Fargo, for allegedly "soliciting company employees."
"The company is considering pursuing civil actions against Mr. Fargo for breach of his duties to the company," Interplay said in the filing. It went on to say that Fargo "improperly engaged in competition with the company by, among other things, soliciting company employees."
Fargo, as communicated through his attorney, strongly denied the charges.