Press releases
Martin Long to take over as Chief Executive from John Steinbrecher in February 2004
28/02/2003
Court of Appeal upholds High Court decision to maintain Services Agreement with Electronics Boutique Inc (“EBI”)
The Game Group plc (“Game”), Europe’s largest retailer of video games, announces that last November’s decision by the High Court to maintain the Services Agreement between Game and EBI has today been upheld by the Court of Appeal. The Agreement, which essentially requires Game to pay EBI 1% of its UK turnover, will remain in effect. It is due to expire in January 2006.
The Board of Game also announces that Chief Executive, John Steinbrecher, 47, has decided to return with his family to the United States in response to John’s family’s educational needs. The Board has agreed to release him at the end of Game’s current financial year on 31 January 2004 when he will retire from the Board. No compensation payments will be made. John will help to provide continuity by being available as strategic adviser to the Group thereafter.
Martin Long, 35, who has been a director and has worked side by side with John since 1995 and has been Deputy Chief Executive and Chief Financial Officer for over 3 years, is named today Chief Executive designate and will succeed John as Chief Executive next February. Martin will continue to act as Chief Financial Officer in the meantime and the board will look to appoint a Finance Director to the Main Board in due course.
Lisa Morgan, 32, is promoted from Commercial Director to Deputy Chief Executive designate.
Peter Lewis, Chairman of GAME, commented:
“Everyone connected with the Game Group will be truly sad to see John leave. During his time as CEO, the Group has become firmly established as the leading retailer of video games in the UK with sales growing tenfold to over £500 million, and the year just ended is set to be a second consecutive year of record sales and profits. We wish him and his family every success on their return home.
“We are also delighted to welcome Martin Long as our new Chief Executive. Martin’s contribution to the creation of our business has been immense, as has Lisa Morgan’s. Martin and Lisa, together with the strength of management we have in our business, are a formidable team that will drive our Group through its next stages of growth”.
For further information please contact:
The GAME Group Tel: 01344 464040
John Steinbrecher
Martin Long
Financial Dynamics Tel: 020 7831 3113
Nic Bennett
Ben Foster
Charlie Armitstead
