Shareholders of Mighty Kingdom cast their votes last week, rejecting a resolution proposed by the studio’s former CEO Shane Yeend to remove the company’s current board of directors.
According to Gamesindustry.biz, the voting outcome opposed Yeend’s resolutions, as less than 10% of shareholders backed his proposal. Also, less than 34% of the total shares were in favour – and half of those votes originated from Yeend himself and his affiliated companies.
“This signifies a commitment for stability and trust in the future direction of the company,” the studio said.
As the founder and CEO of Gamestar Interactive, a significant shareholder in Mighty Kingdom, Yeend held the position of Mighty Kingdom’s CEO for five months in 2023, spanning from May to September.
The relationship between Yeend and the Mighty Kingdom board became openly contentious after his departure, prompting his proposal to revamp the board. This proposal raised concerns among the company’s employees, with over half of the workforce expressing worries in a letter about a potential mass departure if Yeend’s proposals were to be approved.
Vote of confidence
Current Mighty Kingdom chair David Butorac, interpreted the outcome of the vote as a validation of the board’s strategy and the talent within the company. He further emphasised the commitment to operational excellence, strategic investments, and sustainable growth.
“I don’t consider it a win,” said Butorac. “I consider it the strongest possible endorsement and mandate for the board, the company’s strategy and its remarkable staff and management team. We are focused on leveraging our expertise to drive operational excellence, attract strategic investments, and unlock sustainable growth.
“In the many conversations that management and I have had with shareholders over the past month, there has been a consistent theme of these distractions have to stop and the company needs to get on with restoring shareholder value. This will be our primary focus as we rebuild Mighty Kingdom and work towards finalising arrangements for strategic investment,” Butorac added.
