Tecmo responds to Itagaki, stock prices fall

by David Hinkle { Jun 5th 2008 at 1:15PM }

Well, what did you expect when one of the most notable icons in the gaming industry decided to depart from his longtime employer practically out of nowhere? Certainly Itagaki and Tecmo's president, Yoshimi Yasuda, wouldn't just shake hands, agree to disagree and go their separate ways. There's money at stake here!

And following Itagaki's departure, Tecmo has finally come out and said some things regarding the bad break-up. "The legal complaint is in regard to a claim to an incentive bonus linked to a past project," says the Tecmo press release. "The parties could not reach an amicable resolution to this matter, and Itagaki chose to seek a legal remedy. Tecmo will let the court decide the outcome of this case and will seek a true, fair, and quick resolution." For fans who are looking forward to other installments in Team Ninja's franchises, apparently Tecmo is still planning on producing those games, as the press release says that Team Ninja is "intact and, as a matter of fact, has several new projects already underway."

Despite the company's commitment to supporting these franchises, many think Itagaki's departure will be a bad thing for Tecmo, as stock prices plummeted in the wake of the Team Ninja head's resignation. Taking a 10% loss in price, you can bet Tecmo is not happy about this whole fiasco. One thing Tecmo will undoubtedly be giddy about, however, is the new smoke-free offices and policy that dictates employees aren't allowed to get wasted on whiskey while on the job.

Source - Tecmo fires back at Itagaki
Source - Stocks plummet after Itagaki departure

Tags: business, itagaki, japan, lawsuit, stock, stocks, tecmo, tomonobu-itagaki