Glu Mobile Announces Interim President and Chief Executive Officer
December 01 2009 - 3:05PM
Business Wire
Glu Mobile Inc. (NASDAQ: GLUU), a leading global publisher of
mobile games, today announced that William J. Miller, currently
co-Chairman of Glu’s Board of Directors, will assume the position
of interim President and Chief Executive Officer effective December
1, 2009. As Glu previously announced on July 8, 2009, Greg Ballard,
the company’s current President and Chief Executive Officer, is
stepping down to pursue other opportunities. The Board of Directors
is continuing its search for a permanent President and Chief
Executive Officer and expects a successor to be named in early
2010. Mr. Miller and Daniel Skaff will continue to serve as
co-Chairmen of Glu’s Board of Directors during Mr. Miller’s tenure
as interim President and Chief Executive Officer.
Bill Miller has served on Glu’s Board of Directors since January
2007 and has served as co-Chairman of the Board of Directors since
July 2009. Prior to joining Glu’s Board, he acted as an independent
director and adviser to a number of technology companies since
November 1999. From April 1996 until November 1999, Mr. Miller
served as Chairman of the Board of Directors and Chief Executive
Officer of Avid Corporation (NASDAQ: AVID), a provider of digital
tools for multimedia companies, where he also served as President
from September 1996 to January 1999. Prior to that, he served as
Chief Executive Officer and Chairman of the Board of Quantum
Corporation (NYSE: QTM), a data storage manufacturer. He previously
held various positions in the data storage, information services
and financial services businesses of Control Data Corporation, a
computer and data services company. Mr. Miller serves as a director
of NVIDIA Corporation (NASDAQ: NVDA), Waters Corporation (NYSE:
WAT) and Digimarc Corporation (NASDAQ: DMRC). He holds a B.A. in
speech communications and a J.D. from the University of
Minnesota.
Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements, including
our expectation that we will appoint a permanent President and
Chief Executive Officer in early 2010. These forward-looking
statements are subject to material risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements. These material risks and uncertainties
include: the risk that we may be unable to identify and hire a
permanent President and Chief Executive Officer by early 2010 or
that we may otherwise be unable to effect a smooth transition of
the CEO position; the risk that the mobile gaming and social
networking gaming markets are not growing at the rate that we
anticipate or that we will be unable to capitalize on any such
growth; the risk that our expense control initiatives will be
insufficient to enable us to achieve positive cash flow from
operations for the full fiscal year and beyond; the risk that we
may have insufficient working capital to effectively execute our
business strategy, including exploiting next-generation and social
networking platforms while continuing to address our traditional
carrier-based business, and that, even if we do execute our
business strategy, we may not derive the revenues that we expect;
the risk that we may fall out of compliance with the financial and
other covenants in our credit facility; the risk that we may lose a
key intellectual property license or key carrier distribution
agreement; the risk that growth of next-generation handsets and
advanced networks does not grow as significantly as we anticipate;
the risk that our development expenses for games for
next-generation handsets and social networking platforms are
greater than we anticipate; the risk that our recently and newly
launched games are less popular than anticipated; the risk that
changes in wireless carrier plans with their customers may
adversely impact sales of our games; the risk that sales of our
original intellectual property titles will not continue to
favorably impact product mix; the risk that our newly released
games will be of a quality less than desired by reviewers and
consumers; the risk that mobile games and social networking gaming
markets are smaller than anticipated; and other risks detailed
under the caption "Risk Factors" in our Quarterly Report on Form
10-Q for the quarter ended September 30, 2009 filed with the
Securities and Exchange Commission on November 9, 2009. You can
locate this Form 10-Q through our website at
http://www.glu.com/corp/Pages.investors. We are under no
obligation, and expressly disclaim any obligation, to update or
alter our forward-looking statements whether as a result of new
information, future events or otherwise.
About Glu Mobile
Glu (NASDAQ:GLUU) is a leading global publisher of mobile games.
Its portfolio of top-rated games includes original titles Bonsai
Blast, Brain Genius, Glyder, Stranded and Super K.O. Boxing!, and
titles based on major brands from partners including Activision,
Atari, Fox Mobile Entertainment, Harrah's, Hasbro, Konami,
Microsoft, PlayFirst, PopCap Games, SEGA, Sony and Warner Bros.
Founded in 2001, Glu is based in San Mateo, Calif. and has offices
in Australia, Brazil, Canada, Chile, China, England, France,
Germany, Italy, Mexico, Poland, Russia and Spain. Consumers can
find high-quality, fresh entertainment created exclusively for
their mobile phones wherever they see the 'g' character logo or at
www.glu.com.
GLU MOBILE, GLU, BONSAI BLAST, BRAIN GENIUS, STRANDED, SUPER
K.O. BOXING! and the 'g' character logo are trademarks of Glu
Mobile Inc.
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