Irabarren joined the company in 2002, and most recently served as the company's vice president of publishing. Speiss joined Midway as managing director for Midway Games' Europe division in 2005.

"Both Miguel and Martin are proven executives and will be key to putting Midway back on the path to profitability," said Midway interim CEO Matt Booty. "With these two executives, as well as the rest of our experienced management team, I am confident that we can improve execution and deliver on Midway's promise to regain its industry leadership and become a top tier, profitable company in the coming years."

Midway has seen troubling times over the last year, having laid off a sizable number of employees from its Austin studio as part of an announced corporate restructuring. Prior to that announcement, CFO Thomas Powell and senior marketing VP Steve Allison both announced their resignations from the Chicago-based studio, with CEO David Zucker stepping down earlier this year.