Fragbite Group CEO Marcus Teilman steps down
Marcus Teilman, the CEO of gaming and esports firm Fragbite Group, has resigned from his position.
The company said he will leave to "pursue new challenges," and will be replaced by chairman of the group's board of directors Stefan Tengvall on an interim basis. Tengvall will step down as chairman and will be replaced by current board member Sten Wranne.
Teilman worked at Fragbite for over three years, originally joining as deputy CEO and head of M&A.
In his comments on the leadership changes, Tengvall announced the company has begun a cost reduction programme, which may identify opportunities for restructuring. This will be his main focus as he takes on the role of interim CEO.
"The Board and I thank Marcus for his efforts and his commitment to Fragbite Group during his time as CEO and wish him the best of luck in the future," said Tengvall.
The news of Teilman's departure was announced on the same day Fragbite revealed it was declaring bankruptcy for subsidiary Fall Damage Studio after the developer struggled to find a publisher for its upcoming game, Alara Prime.
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