Midway Games Inc., a developer and publisher of entertainment software, on Friday said Chairman Neil Nicastro intends to resign from the board immediately after the June 10 annual meeting. In a statement, Nicastro cited personal and professional reasons for his departure exit from Midway, best known for its "Mortal Kombat" franchise.
Sumner Redstone, who with National Amusements Inc. owns 68 percent of Midway shares, said Midway will announce a successor shortly following the annual meeting. Michael Pachter, an analyst at Wedbush Morgan Securities, said he was not surprised by the move. "(We) believe that Sumner Redstone influenced this action. Redstone has recommended several changes to Midway"s board of directors since his ownership interest increased past 50 percent." He added that a more independent Midway board should be viewed as positive, but reiterated his "hold" rating.