Glu Mobile today announced that its CEO Greg Ballard is stepping down. Glu was initially hesitant to get into the iPhone business while its competitors jumped right in. Being late to the game on the now ubiquitous iPhone no doubt hurt the company's bottom line, and the stock has been barely able to stay above $1.00.
Glu did not blame its fiscal results for Ballard's departure, however. In fact, the company noted that it believes it's on track to meet full-year fiscal guidance. "We believe that our preliminary results for the second quarter highlight our commitment to effectively compete in the traditional carrier business, while continuing to invest in our new platform initiatives and focus on solid execution and cost controls," said Eric R. Ludwig, Chief Financial Officer. "The company remains committed to being cash flow positive from operations during FY09."
As for Ballard, Glu said he will remain in his role until a proper successor has been found to take his place. The board of directors has tasked Martha Josephson of Egon Zehnder, an executive recruiting firm, to help identify candidates to lead the company.
Commented Ballard, "After six years, I have decided the timing is right to look for a new challenge. I'm incredibly proud of how much we accomplished during my tenure, having built what I believe to be a world-class global enterprise. The Glu board and I also share the view that this is a good time to bring in new leadership for the company, as we focus on returning to generating positive cash and begin even greater investment in next-generation mobile platforms. I especially want to thank the tireless and dedicated efforts of the worldwide Glu team, who I continue to believe are the best in the business."
"Glu has made significant progress in the last several quarters on its business and financial goals despite the challenging economic environment, and I am confident that the foundation set by Greg and the Glu team will serve us well as we endeavor to grow market share in the traditional carrier business and gain additional traction with new platforms such as the iPhone," added Dan Skaff, Co-Chairman of Glu Mobile. "During his six-year tenure, Greg was instrumental in our growth from an early-stage company to a leading global publisher of mobile games, including having guided the company through our successful initial public offering. We thank Greg for his dedication to the success of Glu Mobile and his commitment to helping ensure a smooth leadership transition. Greg has helped build a strong and deep organization, and we are confident we will find a talented successor in the near future."
2 Comments
July 9, 2009
Glu is good people, but the company made a major blunder by ignoring the iPhone for far too long.
July 9, 2009
Translation: I recently screwed up the company and they kicked me out, so now I'm looking for another company to screwup.