Yesterday, several high ranking executives resigned from game peripheral maker Mad Catz Interactive Inc, including the company’s CEO and President, Darren Richardson. The resignations came in the day before the company was set to release its latest financial report.

According to Mad Catz, Board Chairman Thomas Brown and Senior Vice President of Business Affairs Whitney Peterson also stepped down.

“We recognize the tremendous value that Thomas, Darren and Whitney have brought to Mad Catz during their tenure and thank them for their many contributions throughout the years,” Karen McGinnis, who formerly served as company CFO and is now the new CEO, said in a statement.

“Looking ahead, we are confident that we have a talented leadership team in place that will enable us to steer the Company on a steady course in its operations and financial performance as we look to grow our business and reward our shareholders.”

The company’s earnings report will be released later today, and that will hopefully shed some light on why Mad Catz several of its top officers at once. It seems likely that the news is not good for Mad Catz, and the anxiety caused by the executives’ resignation has already cause the company’s shares to drop drastically.

After the news about Richardson and the others broke yesterday, the value of Mad Catz’ shares dropped by roughly 15 cents, a more than 30 percent lower than its previous value.

While we still do not know exactly how bad things really are at Mad Catz, but things have been rough for the company for some time now.

Last year, Mad Catz missed a monthly revenue target set by Wells Fargo, which had given a loan to the company, but rather than calling in the loan at the time, Wells Fargo extended its agreement with Mad Catz through July 31, 2016.

If the company’s revenues have not been able to improve since the first half of 2015, there is a very strong possibility that the future of the entire company is in jeopardy.

Photo by pestoverde