From Multimedia Wire 11/13/98:
Management Additions Poise Activision for Industry Consolidation,
$300m+ Acquisition
Activision expects to be a $1b company in the next 12
months and that could only come through a merger with, or acquisition
of, a $300m-$400m company, Activision CEO/Co-Chairman Robert Kotick
tells MMWire.
Activision two weeks ago promoted Brian Kelly to co-chairman from
president/COO. Meanwhile, snack food veteran exec Ron Doornick assumed
Kelly's position. With Doornick assuming the day-to-day operations,
Kotick and Kelly are free to concentrate on mergers and acquisitions.
Doornick's hiring ended a 14-month search for the right president/COO,
one who's run a $1b company, Kotick says.
"We're at a crossroads" as Activision tries to grow from a
company with a half-billion dollars in revenues to one double those,
since "organically" the company only expects to grow to $600m, Kotick
says, declining to divulge acquisition targets. An historically
profitable company with solid management and franchise properties is
what Kotick and Kelly seek.
Activision, quashing rumors of an executive exodus, also hired
former Virgin Interactive exec Julian Lynn-Evans as VP of European
studios. Official announcements of Evans' arrival and another exec
addition should follow shortly.
As previously reported, Senior VP of Activision Studios Alan
Gershenfeld will leave the company at the end of the fiscal year
(March 31) for personal reasons. VP of Marketing Henk Hartong left
Activision in late September to head up a snack food company. As a
result of Gershenfeld's departure, external studios VP Mitch Lasky
will head the company's combined studio operations, as the studios,
along with publishing and distribution, become three P&Ls within the
company. |
