CEO George Grayson has resigned from educational software firm 7th Level, which he co-founded with rec-ord producer Bob Ezrin and former Pink Floyd saxophonist Scott Page.
The company counts financier Michael Milken among its major investors. Milken owns about 15% of 7th Level’s stock.
Seventh Level said Tuesday that the company will now focus on writing more videogames as opposed to children’s CD-ROM titles.
Donald Schupak, a business consultant and board member, has been named chairman of the Dallas-based com-pany, which operates a Los Angeles production studio. Ezrin has been named acting CEO.
Like other consumer software companies, 7th Level has faced collapsing software prices and competition for shelf space at retailers. Its stock has slid more than 80% from a high of $22 in September 1995, ending Tuesday at $4, up 81¢, on Nasdaq.