Arad to advise Namco Bandai
Former Marvel CEO to consult with giant after lossTOKYO – Avi Arad, former CEO of Marvel Studios, is to act as an executive adviser to
Namco Bandai, the toys to video games to animation company.
Arad, who produced franchises including “Spiderman” and “X-Men,” will provide consulting services for the Japanese entertainment giant which is attempting to rejuvenate itself after predicting a full-year loss of 31 billion yen ($337.5 million) earlier this month.
“We plan to ask Mr. Arad for advice on content creation and worldwide development of games, video pictures, music and other content business in general, and on strengthening our overseas Toys and Hobby business,” said Namco Bandai in a statement.
Namco Bandai announced a "Group Restart Plan" that will see 630 job cuts this year, as the company tries to become more flexible and responsive to the many fast-evolving markets in which it operates.