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CALIFORNIA | TECHNOLOGY | THE STATE

NTN Founders Step Down; Charge Planned

March 06, 1997|Times Staff and Wire Reports

NTN Communications Inc. said that Chairman and Chief Executive Patrick Downs and President Daniel Downs resigned and that the company will take a fourth-quarter charge to cover contract settlements with the executives. Both men will remain on the board of the Carlsbad company, which produces two-way interactive television, online and Internet entertainment. Ed Frazier, a director, was named acting chairman, and Gerald Sokol, chief financial and operating officer, was named president. "It is time for the founders to leave the day-to-day management to others," said Patrick Downs. The announcement comes a few months after NTN said it cut its work force by 16% and would eliminate most of its outside consultants. The company's stock, which has fallen about 35% since July, fell 37.5 cents to close at $3.875 on the American Stock Exchange.

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