Tag Archives: Firings

More OnLive management moves: Perlman out, as investor Lauder settles for Chairman

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More OnLive management moves, Perlman out as investor Lauder settles for Chairman

As the OnLive storm continues to ride itself out, details of who the winners and losers are (mainly losers) keep washing up on the shore. Today's casualty seems to be CEO Steve Perlman himself, who -- just days after the firm reinventing itself -- is "departing to work on his myriad of other projects." In his place the former COO, Charlie Jablonski, is temporarily taking the reins, as well as continuing his role as head of operations in the new organization. Finally, completing this wave of announcements, is the news that chief investor, Gary lauder, will officially take the title of Chairman. So, as the new incarnation settles into its new structure, we'll just have to sit tight, waiting to see what the next chapter in the OnLive story is.

Continue reading More OnLive management moves: Perlman out, as investor Lauder settles for Chairman

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More OnLive management moves: Perlman out, as investor Lauder settles for Chairman originally appeared on Engadget on Tue, 28 Aug 2012 08:43:00 EDT. Please see our terms for use of feeds.

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OnLive officially announces asset acquisition, notes that its newly formed company will keep OnLive name

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OnLive officially announces asset transfer, notes that its newly formed company will keep OnLive name

Amid the rumors, sourced reports and statements, it was easy to lose track of the facts surrounding OnLive's recent restructuring efforts. No surprise then, that the newly formed outfit has issued a press release and FAQ (after the break) in hopes will clear things up. First and foremost, the firm reiterates that the streaming game service will continue operating uninterrupted, and that the "newly formed company" that acquired the firm's assets will continue to do business under the OnLive name. The announcement also mentions the Assignment for the Benefit of Creditors (ABC) process OnLive used to settle its debts, noting that "an affiliate" of Lauder Partners, a technology investment firm, was the new OnLive's first investor. Finally, the firm laments the necessity of laying off its staff, stating that "neither OnLive, Inc. shares nor OnLive staff could transfer under this type of transaction," confirming that nearly half of the previous staff had been offered positions at the new company, and optimistically projecting future hires culled from both previous and new employees. The new OnLive calls the asset acquisition "a heartbreaking transition for everyone involved," but looks optimistically to a future of "transforming the OnLive vision into reality." Check out OnLive's full, official word on the matter below.

Continue reading OnLive officially announces asset acquisition, notes that its newly formed company will keep OnLive name

OnLive officially announces asset acquisition, notes that its newly formed company will keep OnLive name originally appeared on Engadget on Sun, 19 Aug 2012 22:45:00 EDT. Please see our terms for use of feeds.

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OnLive hits reset after being dragged down by expensive servers, confirms service will continue

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OnLive has finally issued an official statement after rumors of mass layoffs first leaked out earlier today, confirming that its assets have been acquired into a newly-formed company with what it claims is "substantial" financial backing. The big news for users is that the OnLive Game and Desktop services will remain operational and continue to be supported. The release also claims a "large percentage" of OnLive staff is being hired into the new company with plans to hire more over time, while PR informs us the leadership team remains intact. Check the words straight from the source after the break.

We've heard from some of the people present for the meeting where the new plan was revealed today, confirming the company is going through a process known as Assignment for the Benefit of Creditors (ABC). A faster alternative to bankruptcy that doesn't involve the courts, it allows OnLive to deal with some of the issues it was facing, most notably an oversupply of servers for the number of users it had signed up. The ABC process allows OnLive to be unshackled from the expensive server contracts and bring in a new source of venture capital. Oh and that other major cost, the employees? Not all of the information is known yet, but beyond the loss of jobs, it turns out the stock they owned was in a company that no longer exists. We're hearing their benefits will end after August, however there are offers of contracts to answer questions about important topics like "where things are," in exchange for special form stock in the new venture.

Update: Joystiq has more information from a former employee, who estimated the average number of peak concurrent OnLive users at around 1,800 or so, and the amount of retained staff in the range of 20 percent. One other tidbit? The source expects OnLive to go after recent Sony acquisition Gaikai for infringement of a game streaming patent, so stay tuned.

Continue reading OnLive hits reset after being dragged down by expensive servers, confirms service will continue

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OnLive hits reset after being dragged down by expensive servers, confirms service will continue originally appeared on Engadget on Fri, 17 Aug 2012 20:06:00 EDT. Please see our terms for use of feeds.

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RIM reportedly firing up to 6,000 in $1 billion savings drive

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RIM reportedly firing between 2,000 6,000 in $1 billion savings drive

The Waterloo Record is reporting that RIM is laying off a portion of its workforce as part of its cost-cutting review process. It's believed that between 2,000 and 6,000 employees could be let go as the troubled company attempts to save $1 billion by the end of the fiscal year. Company watcher Martin Chmiel took to Twitter to say that the manufacturing team had been hardest hit, with hundreds of people departing in the past 24 hours.

RIM reportedly firing up to 6,000 in $1 billion savings drive originally appeared on Engadget on Wed, 20 Jun 2012 07:03:00 EDT. Please see our terms for use of feeds.

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