Mighty Kingdom loses another ruler
The CEO of Adelaide video game developer Mighty Kingdom has tendered his resignation eight months after taking up the job.
Mighty Kingdom CEO and managing director David Yin today announced his resignation, with the company noting the move reflected “a fresh direction for MKL to deliver growth in the future”.
Yin was the company’s third CEO since January 2023 when he was appointed in March this year, and was meant to deliver a new vision for the video game developer that’s been plagued with leadership problems.
The company’s founder Philip Mayes first stepped down in January 2023 after more than 12 years in the top job following a series of “unacceptable” financial results in 2022.
Mayes was replaced by Adelaide entrepreneur Shane Yeend who founded Imagination Entertainment – once Mighty Kingdom’s top shareholder. Yeend resigned as CEO in September 2023 and was replaced on an interim basis by then-chief financial and operations officer Simon Rabbitt.
Yin has more than 25 years of experience in gaming and was most recently the CEO and managing director of Singapore-based Storms Gaming Studio which developed owned IP games and published third party games.
Before Storms, Yin was head of business development for Google Play in ANZ and Southeast Asia.
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When he was appointed CEO in March, Yin was set to lead the company’s new strategic vision and said: “I am confident that, with the strategic plan we have in place and the team we have, Mighty Kingdom will again be a gaming powerhouse.”
His appointment came alongside news of a $6.2 million capital raise to support the company’s “new direction”, including establishing an “Australia-first AI gaming lab”.
Alongside Yin’s retirement, Mighty Kingdom announced that Ian Hogg would step down from his role as independent non-executive director at the firm’s AGM on 27 November.
Hogg 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 said.
The news comes as Mighty Kingdom remains in an extended voluntary suspension from trading on the ASX.
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On 4 November, the company went into a trading halt pending an announcement regarding capital raising initiatives.
It was meant to exit this trading halt on 6 November, but on that day the company requested it be suspended from trading on the ASX.
At the time, the firm said it had a pending announcement regarding a “proposed material acquisition”, and said it would resume trading on 8 November. It then requested the voluntary suspension be extended until 12 November.
On that date, the company announced that the “proposed transactions are unlikely to proceed at this time in their proposed form”.
“The company is nevertheless focused on capital raising initiatives, which are at this point in time incomplete,” the company said.
The voluntary suspension was once again extended on 18 November and for a fourth time today.
In October, the company revealed its activities report for the September 2024 quarter, showing operating costs were down a further 10 per cent versus Q4 FY24.
It said game revenue was $1.2 million in the first quarter of the new financial year (a 68 per cent increase on the prior quarter), and noted the worldwide launch of its new game Power Rangers Mighty Force.
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