FYI:
Acclaim Appoints William G. Sorenson as Chief Financial Officer
Former News Corporation Executive Bolsters Senior Management Team
GLEN COVE, N.Y.--(BUSINESS WIRE)--Aug. 23, 1999-- Acclaim Entertainment (NASDAQ: AKLM - news), a leading worldwide
interactive entertainment company, today announced the appointment of William G. Sorenson, former News Corporation official, as Executive
Vice-President, and Chief Financial Officer. The announcement was made jointly by Gregory Fischbach and James Scoropski, Co-Chairmen, to
whom Mr. Sorenson will report. With this key addition to management, Acclaim is positioned to be a driving force in the next-generation of
interactive entertainment.
Sorenson joins Acclaim after more than 17 years of outstanding financial management experience at News Corporation, Citibank, and Bank of
Boston. Most recently, he served as Senior Vice President, Finance for News Corporation, one of the world's largest media and entertainment
companies with revenues last year of over $13 billion and a market capitalization of $37 billion.
During his tenure, Sorenson played an integral part in News Corporation's financial restructuring, helping to improve the company's access to
public markets. He was instrumental in raising over $12 billion of long-term public debt securities and more than $6 billion in equity products,
including the recent completion of the fourth largest IPO in history, The Fox Entertainment Group. Additionally, he was responsible for the
management of the News Corporation and Fox's Investor Relations Groups.
``I am delighted that Bill is joining us. He is a demonstrated leader and team player and will be a valued addition to our organization,' said Gregory
Fischbach, CEO and co-chairman, Acclaim Entertainment. ``Bill's extensive financial experience and close ties with Wall Street will be vital in
our efforts to substantially grow our revenues and solidify our position as one of the leaders in the interactive entertainment industry.'
``I am extremely excited to be joining the Acclaim team as the next-generation of interactive entertainment is beginning to take hold,' said
Sorenson. `` With revenues in this industry rapidly approaching U.S. Box Office levels and advances in delivering entertainment over the Internet,
I believe there is enormous opportunity for Acclaim.'
The addition of Sorenson comes after an extensive executive search for this key management role. His duties will encompass all internal financial
functions as well as Acclaim's stepped up activities in the mergers and acquisitions arena and investor relations. James Scoroposki, Acclaim's
co-chairman, is pleased to be relinquishing his role as acting CFO. ``It was of the utmost importance that we fill the slot with someone of Bill's
caliber,' said Scoroposki. |
