Mad Catz looks to be on the rocks.
Mad Catz is due to release its latest quarterly financials tomorrow, and things aren’t looking good for the peripheral manufacturer.
In the lead up to the release, the company announced a slew of changes to its leadership. Polygon reports president and CEO Darren Richardson has resigned and abandoned his chair on the board, replaced by former CFO Karen McGinnis. Vice president and corporate controller David McKeon will take over as CFO.
Chairman of the board Thomas Brown resigned last week, and and will be replaced by director John Nyholt. Senior VP of business affairs Whitney Peterson has also resigned, replaced by associate general counsel Tyson Marshall. Finally, former VP of product development Andrew Young has been named CTO, a new position.
Mad Catz did not offer any explanation for the rash of resignations, merely thanking the three departing executives for “their many contributions throughout the years” and recognising “the tremendous value that Thomas, Darren, and Whitney have brought to Mad Catz during their tenure”.
Nevertheless, it’s hard not to assume that tomorrow’s financials are going to be a disaster. Last year Mad Catz admitted it was dependent on Rock Band 4’s success to meet its debts and expenses, and while the rhythm action game reviewed well it doesn’t seem to have set the world on fire, and Mad Catz posted another loss that quarter – up 75% year-on-year.
Investors seem to have come to the same conclusion and imitating the proverbial rats from a sinking ship; Gamespot reports share value fell 22% in the wake of Mad Catz’s announcements. By time of writing, things were even worse.