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Mad Catz Executives Resign After Disappointing Financial Report

Mad Catz Executives Resign After Disappointing Financial Report

Mad Catz has reported its financial earnings and, at first glance, things seem okay. The company reported $65 million in sales, which is up 114% from last year. This is thanks largely to the sale of Rock Band 4 , which Mad Catz co-published, and the sale of accompanying peripherals, which Mad Catz produces. While those may seem like pretty optimistic numbers, they’re actually way below what was originally projected and planned for, and it’s shaking things up from the top down.

Three Mad Catz executives turned in their resignations the day before the financial earnings report was made public. President and CEO Darren Richardson, company chairman Thomas Brown, and senior vice president of business affairs Whitney Peterson are all gone, and there are some serious layoffs on the way. Mad Catz will be cutting 37% of its staff in an effort to save $5 million over the next year. The poor sales were likely due to the fact that players could use their older Rock Band peripherals with the new game, so there was little need to invest in the bundle, and for players looking for a new rhythm game and bundle, Guitar Hero Live was the cheaper and more familiar option.

Source: Eurogamer

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