Majesco Entertainment has announced the resignation of John Gross from the role of Executive Vice President and Chief Financial Officer. He will accept another position outside the company effective August 20, 2010, and Michael Vesey, Majesco's Senior Vice President, Corporate Controller and Chief Accounting Officer, will serve as Interim Chief Financial Officer. Gross' departure comes not long after the company revealed that Gui Karyo, Executive Vice President of Operations, was leaving.
Majesco had a tough second quarter, as revenues fell 47% and the publisher suffered a loss of $1.6 million. At the time, CEO Jesse Sutton commented, "Our costs are under control and we continue to adjust our business model to meet industry challenges. We remain excited about our upcoming titles scheduled to release during the balance of the year. Our management team is striving for improved profitability and is totally committed to building long-term value for our shareholders."
Regarding Gross' decision to leave Majesco, Sutton said, "John has provided strong financial leadership to the company for the last five years, effectively managing the balance sheet, reducing operating costs and helping guide us towards improved profitability. He's done a great job representing the Company and we thank him for his service. Mike has worked closely with John and will have an easy transition to his role as Interim CFO."
Gross added, "We have worked as a management team to put an operating plan in place to continue to improve the performance of the Company and grow profitability. I wish the Company and the management team all the best in the future."
