Atari Names New CEO

Video game publisher Atari(ATAR Quote) hired a new chief executive, David Pierce, who brings with him experience working at some of the biggest entertainment companies in the world.

The company hopes that Pierce, who previously held positions at Universal Pictures, MGM, Sony Pictures and Sony Music Entertainment, will help Atari gain market share from competitors such as Sony (SNE Quote) and Electronic Arts(ERTS Quote).

"Atari has been a cornerstone of a global cultural movement that forever changed how we experience entertainment. It's an honor for me to have the opportunity to contribute to Atari's exciting future," Pierce said in a prepared statement.

Pierce will assume the responsibilities of president and CEO, positions formerly held by Bruno Bonnell, who will remain at the company as chief creative officer.

Separately on Tuesday, Atari announced the launch of a new racing game, Test Drive Unlimited, for Microsoft's(MSFT Quote) Xbox 360. The game lets players customize 90 licensed vehicles, including cars and bikes.