Publisher Midway has announced that Shari Redstone, former vice-chair and daughter of the company's largest shareholder, Sumner Redstone, has been appointed to board chair, following the departure of Kenneth Cron.
Both Cron and Redstone were appointed to the board in 2004 as chair and vice-chair, respectively. Cron previously served as chairman and CEO of Vivendi Universal Games. Cron also served as chairman of the Special Committee of Independent Directors, and as a member of the Compensation Committee and the Nominating and Corporate Governance Committee.
In a statement Cron said "I continue to believe in Midway’s future and, under the guidance and direction of the board, I feel confident that Midway will build that future successfully. In view of my other significant business and family commitments, I felt that the end of this year was the best time for me to complete my service on the Midway Board of Directors.”
Redstone also serves as a member of the Compensation Committee and the chair of the Nominating and Corporate Governance Committee, and is vice chair of both Viacom and CBS Corporation.
Said Redstone, “In 2008, we plan to release an impressive slate of games and I will work closely with management and my fellow board members to continue pursuing exciting growth opportunities for Midway.”