Glu Mobile Announces New President and CEO
January 04 2010 - 3:05PM
Business Wire
Glu Mobile Inc. (NASDAQ: GLUU), a leading global publisher of
mobile games, today announced that Niccolo de Masi has joined the
company as President and CEO.
Niccolo brings to Glu a strong background of senior management
and executive experience in the mobile gaming and content sectors.
Most recently, Niccolo served as Chief Executive Officer and
President of Hands-On Mobile, a mobile technology company and
developer and publisher of mobile entertainment. From June 2006 to
February 2007, Niccolo was the CEO of the London-listed mobile
entertainment company Monstermob Group PLC, and prior to being
named CEO, he was responsible for formulating and implementing
Monstermob's growth and product strategy. Prior to joining
Monstermob in 2004, Niccolo worked in a variety of corporate
finance and operational roles within the technology, media and
telecommunications (TMT) sector, beginning his career with JP
Morgan on both the TMT debt capital markets and mergers and
acquisitions teams in London. Niccolo has also worked as a
physicist with Siemens Solar and within the Strategic Planning and
Development divisions of Technicolor. Niccolo holds B.A. and M.A.
degrees in Physics, and an MSci. degree in Electronic
Engineering—all from Cambridge University.
“The Board of Directors of Glu is delighted that Niccolo will be
joining us as Glu’s next President and CEO. We are convinced that
he has exactly the right combination of energy, experience and
skill to lead the company to a growing and profitable future,” said
Bill Miller, Chairman of the Board of Glu.
“I am excited to join the Glu team, which I believe to be a
world-class global enterprise,” said Niccolo de Masi. “I look
forward to this new challenge, as we focus on utilizing the
company’s scale to enhance our market share in both the traditional
carrier business and new platforms, such as the iPhone and social
networks. I will work tirelessly to build upon the foundation that
the Glu team has built and welcome this opportunity to lead Glu
during what I believe will be a period of growth.”
In connection with the appointment of Mr. de Masi as Glu’s new
President and CEO, the Compensation Committee of Glu’s Board of
Directors awarded Mr. de Masi a non-qualified stock option to
purchase 1,250,000 shares of Glu’s common stock pursuant to Glu’s
2008 Equity Inducement Plan, which is a non-stockholder approved
plan. This stock option was granted to Mr. de Masi on January 4,
2010 and has an exercise price equal to the closing price of Glu’s
common stock on the NASDAQ Global Market on such date.
Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements, including
statements regarding anticipation of a new period of Glu growth,
Mr. de Masi’s ability to lead Glu to a growing and profitable
future and the expected utilization of Glu’s scale to enhance its
market share in both its traditional carrier business and new
platforms. 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 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 continue to
achieve positive cash flow from operations; 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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