In an official press release, Fragbite confirmed that CEO Marcus Teilman has officially resigned, and Stefan Tengvall will now serve as an interim CEO.
The post explains that Teilman chose to resign in order to “pursue new challenges.” This remains quite vague, and the press release does not elaborate on Teilman’s plans. But Tengvall and the Board did thank him for his time as CEO.
Teilman will also “provide support to Stefan Tengvall” during the transitional period. Due to the shakeup, Sten Wranne will now take on Tengvall’s role as Chairman of the Board.
Tengvall elaborated on their goals as the interim CEO at Fragbite. They mentioned plans for a “cost reduction programme,” and “identifying opportunities for restructuring.” This may imply that serious reductions could be on the way, but that is only speculation.
The shift in leadership closely follows Fragbite filing for bankruptcy for development studio Fall Damage.
Fragbite recently acquired Fall Damage in late 2023. However, a statement from Fragbite cited an “unsustainable financial situation,” following attempts to find a publisher for Fall Damage’s shooter Alara Prime.
Finding a publisher certainly seems more difficult as the industry remains rattled. There are still plenty of layoffs, such as Take-Two’s layoff announcement from last April. But the search for an Alara Prime publisher still seems to be ongoing at this time.
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