Check out the money part of it, as detailed in the SEC 8-K filing: http://www.gamasutra.com/view/news/28280/Activision_Exec_Griffith_Resigns.php

He will retain his board position as vice chairman on a 12-month renewable contract, for which he'll earn $250,000 a year, plus stock options and bonus eligibility. According to the filing, under the terms of Griffith's agreement with the company, he can leave the company before this new contract expires, but can only collect a base salary if he does so.

Doesn't sound like much of a step down to me. This is nowhere near as brutal as something akin to HP's board of directors forcing CEO Carly Fiorina to resign back in February 2005.