Cron, who joined the publisher in 2004, is a former chairman and CEO of Vivendi Universal Games, where he led the company through a billion dollar NASDAQ public offering. He also previously spearheaded the US office of CMP Media.
Midway's Board has now elected vice chair Shari E. Redstone as its new chair. Redstone is also vice chair of Viacom and vice chair of CBS Corporation.
Cron stated: It has been a privilege to serve as chairman of Midway for several years and I have enjoyed working with my colleagues on the board and with the management team.
I continue to believe in Midway's future and, under the guidance and direction of the board, I feel confident that Midway will build that future successfully.
"In view of my other significant business and family commitments, I felt that the end of this year was the best time for me to complete my service on the Midway Board of Directors.”
Shari Redstone added: In 2008, we plan to release an impressive slate of games and I will work closely with management and my fellow board members to continue pursuing exciting growth opportunities for Midway.”