3dfx Announces Resignation of L. Gregory Ballard is the press release announcing the departure of 3dfx' CEO. Thanks Tweak3D. Here's the sort announcement in its entirety:

SAN JOSE, Calif., Oct. 7 /PRNewswire/ -- 3dfx Interactive® Inc. (Nasdaq: TDFX - news) today announced that L. Gregory Ballard, its president and chief executive officer, has resigned effective October 31, 1999. The Board of Directors announced that an immediate search would begin for his successor.

"I have had an extraordinary three years at 3dfx, in which sales have grown from almost nothing to an annualized revenue rate of over $400 million," said L. Gregory Ballard. "During this time we have created a dominant worldwide brand and have been the consistent leader at retail. We have put in place a strategy and management team that will solidify our leadership position.

"I truly believe that the challenges in this next phase of the Company's growth will be more technical than marketing and strategic and that 3dfx can benefit from the fresh perspective that a new CEO can bring," he added. "3dfx has a great future, and I look forward to watching its progress as an investor."

"Greg has contributed greatly to the success of the Company, and we are sad to see him leave," said Gordon Campbell, founder and chairman of 3dfx Interactive, Inc., on behalf of the Board of Directors. "The Board will take this opportunity to bring in an executive to continue the exceptional growth that 3dfx has enjoyed. I have pledged my time and efforts to seeing that the transition is smooth and causes no disruption to the conduct of our growing business."

Ballard, with Gordon Campbell, who is also managing director of TechFarm, will organize and direct a search committee from the 3dfx Board of Directors to find his replacement.