SiliconBeat

Glu Mobile, the San Mateo developer of games for mobile devices, said today Chief Executive Greg Ballard has “indicated his intention to transition his role” with the company, beginning immediately.

During the transition period Ballard (pictured) will continue to earn his annual salary until the company hires a new CEO or Jan. 1, 2010, whichever comes first. He will continue to earn his annual salary of $281,250 and will also be eligible to receive bonuses and his options will continue to vest. Ballard’s salary was reduced on Dec. 1 to $281,250 from $375,000, at his own request, according to SEC filing Dec. 2. That came two days after the company announced a restructuring that included a reduction in force of at least 37 employees in research and development. The company ended the year with 550 employees, up from 417 in 2008. Ballard had served as chief executive since September 2003. He was formerly chief executive of SonicBlue, a maker of the ReplayTV digital video recorders and Rio digital music players.

Glu Mobile held its initial public offering in March 2007 when it first sold shares to the public at $11.50. They lost 90 percent of their value last year, ending 2008 at 50 cents. They closed Wednesday at 94 cents.