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Yesterday, after the market closed, Majesco Games (COOL) announced that its Chairman and CEO, Carl Yankowski, was stepping down after less than a year on the job. Yankowski, who once ran Reebok (RBK) and who took Palm public, lasted less than a year at the New Jersey gaming company. Last August, when Majesco announced Yankowski’s hiring, it noted that they were “thrilled to have someone of Carl’s experience, vision and leadership”. At the time, the stock was trading at around $23 a share. This morning, the stock was down nearly 50% to under $4.

Yankowski, whose resignation was tied to the fact that Majesco will miss its revenue and earnings estimates for 2005, won’t fare quite as badly as investors have. According to the employment contract he signed last August, he’ll collect $1 million as a lump sum payment plus a year’s worth of salary and see nearly 1 million options vest immediately. Granted, all of the options, with prices ranging from $7 to $31.92 are underwater right now. But it’s still a much better deal than Majesco’s investors got.