New Medium Enterprises, developer of the red laser-based high-definition HD VMD format, has announced that Mahesh Jayanarayan has resigned as the company's Chief Executive Officer, with effect from 5 Feb 2008.

Chief Operating Officer Geoff Russell (pictured) will step in as acting CEO assuming day-to-day decision making and leadership responsibilities for the technology and entertainment company on an interim basis.

Chairman of the Board Michael Jay Solomon, on behalf of the Board, acknowledged Jayanarayan’s contribution and welcomed the appointment of Russell. "We appreciate the contribution Mahesh has made to the growth of NME over the past two and a half years," stated Solomon. "His tireless work and expertise has brought the company successfully through its R&D phase to commercialization. NME is now strongly positioned as an emerging leader in the High Definition market, and will continue on a path of growth to bring the best High Definition content and playback medium to the mass market."

Russell began his current post as COO at NME in July 2007, working closely with the CEO and the CTO Eugene Levich and other executives to drive its proprietary HD VMD multilayer disc format and technology.

Jayanarayan worked closely with CTO Eugene Levich and other executives to launch NME's proprietary HD VMD multilayer disc format and technology. Levich will continue to head the technological development and production of the group's products.

NME is focused on continuing to advance its multilayer disc and HD playback format, as well as driving company innovations in related markets. In November 2007, NME began production of its discs and players, and secured content and distribution deals in strategic markets.

Story filed 19.02.08