Booty had served as interim president and CEO after former CEO David Zucker left the firm in March this year.
Booty joined Miday in 1991 as an engineer and programmer, working his way up to VP of product development in 2002 and then SVP of worldwide studios.
The exec has had to make tough decisions in an effort to get Midway back on course. In October, the company cancelled undisclosed licensing partnerships in order to concentrate on franchises more in line with Midway's core business.
Midway, which has lost around $580 million since 1999, has endured numerous blows in past months, including layoffs, high-ranking departures, millions in losses and studio closures.