After only eight months in the top role, the managing director and CEO of Adelaide-based game developer Mighty Kingdom (ASX: MKL) David Yin has announced he is stepping down, making him the third boss to leave the company since January 2023.
An ex-Google Play exec with more than 25 years of experience in gaming, Yin came on to the team in March to help shape the embattled company’s future strategy and maximise potential growth opportunities. Before taking on the role, he was CEO of Singapore-based Storms Gaming Studio.
Not long after Yin was appointed, Mighty Kingdom announced it would further dilute shareholdings after securing commitments to lift its capital raise from $6.2 million to $8.2 million as sophisticated and institutional investors bought into a proposed reset with new leadership.
The news of Yin’s departure comes three months after Mighty Kingdom’s chief financial and operating officer (CFOO) Simon Rabbitt left to pursue new opportunities. Rabbitt was interim CEO from October 2023 to March 2024 while the company sought a new management and board, overseeing the strategic review process.
In January 2023, Mighty Kingdom founder Phil Mayes announced he would step down as CEO, with serial entertainment and gaming industry Shane Yeend taking the reins just four months later. Before coming into control, one of Yeend’s businesses – Gamestar - took a stake in the company as part of a restructuring and $7 million placement in August 2022.
Yeend resigned after four months as CEO, with Mighty Kingdom terminating its share subscription with Gamestar, and Yeend then stagging a board spill that led to former ABC boss Michelle Guthrie being ousted. The former CEO has all but liquidated his substantial holding in Mighty Kingdom and is mulling a class action for investors who have seen the share price collapse by 94 per cent since the start of 2022.
At the same time Yin’s departure was announced, the company also revealed that non-executive director Ian Hogg would be stepping down from his role during the AGM on 27 November. Hogg initially joined Mighty Kingdom in August 2022.
“The board of MKL would like to thank Ian for his significant contribution to the company and wishes him every success with his future endeavours,” Mighty Kingdom announced today in an update to shareholders.
For the September quarter, Mighty Kingdom revealed that operating costs were reduced by a further 10 per cent compared to Q4 FY24. The company also said quarterly game revenue was up 68 per cent compared to the previous quarter, with the launch of Power Rangers Mighty Force along with contract extensions fuelling the growth of baseline revenue.
Mighty Kingdom remains in an extended voluntary suspension on the ASX, having initially requested a trading halt on 4 November pending news about capital raising initiatives.
“MKL intends to update shareholders shortly around forward plans and capital management initiatives prior to a lifting of its voluntary suspension.”
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