lifton E. Lind, who has served as Multimedia’s President and CEO since February 2003 and as a Director since May 2000, is stepping down from those positions to spend more time with his family. Lind’s departure from the Board of Directors reduces the size of the Board to five members, all of whom are considered "independent" according to the corporate governance rules of the NASDAQ Stock Market.
Multimedia Games plans to engage in a search for a permanent CEO. Lind will continue to serve Multimedia and the Board of Directors in a non-executive capacity during a transition period.
Loebig joined the company as Vice President for New Market Development in December 1998, and was elected Executive Vice President of Sales in December 2001. At Multimedia, he has been responsible for establishing new market opportunities and managing and maintaining relationships with the Company’s customer base. From 1984 until December 1998, Loebig served in various capacities at Stuart Entertainment, which does business as Bingo King, a publicly traded company engaged in the manufacture and sale of bingo cards and related equipment and products.
Loebig received both Bachelor and Master of Business Administration degrees from the University of Iowa.
Michael J. Maples, Sr., Chairman of the Board of Directors, commented, "During his tenure as President and CEO, Clifton contributed greatly to Multimedia Games. Gary Loebig has strong relationships with our employees and customers and is well suited to assume the CEO responsibilities at this time. The Company’s Board remains committed to maximizing shareholder value."
The company also reported that it expects its diluted earnings per share for the quarter ended March 31, 2008 to be in a range of $0.03 - $0.05 before any charges that may result from the CEO transition.