The seemingly never-ending saga at Motorsport Games continues. Just a few months after Stephen Hood was let go as President of the company, another major executive has left.
Jonathan New had been the Chief Financial Officer at Motorsport Games since February 2020 but tendered his resignation in September 2022. His exit comes after months of repeatedly stating during company investor calls that Motorsport Games didn’t believe that its “existing cash on hand will be sufficient to fund operations for the next 12 months.”.
And while his departure was large, it wasn’t the only one to take place. Other employees at the company were also let go in what was described to me as a “cost cutting measure”. Two of those people let go were Vice President of Publishing & Marketing George Holmquist and Directory of Marketing Matthew Genna.
Sources told me that those let go found out via an email. As far as the reasoning for the terminations were concerned, one source told me that it was simply a case of Motorsport Games trying to hang on as long as it could before “the inevitable” happens.
I’ve reached out to a number of those who were let go to get more details and will update this article as I get more information.
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