Stillfront ousts CEO and founder
Stillfront has ousted its founder and CEO, Jörgen Larsson.
Stillfront's board of directors has now commenced the recruitment process for a new CEO, appointing former president of publishing and business acceleration Alexis Bonte as interim CEO in the meantime.
Chair Katarina Bonde said that whilst Stillfront's financial position "remains strong," the board has "concluded that a new leadership is the way forward."
"The efficiency measures we have taken continue to support increased profitability, and cash flow generation remains strong, as does our financial position," Bonde said. "At the same time, Stillfront has important work ahead to improve the company’s growth and achieve the cost savings communicated in connection with the announcement of a new management structure with operations divided into three business areas.
"This is a new phase in Stillfront’s journey, and for this work to be driven offensively and with full force, the Board has concluded that a new leadership is the way forward for Stillfront."
The former CEO added: "I am very proud of the journey Stillfront has made and the leading position the company holds today. Stillfront has an experienced team, and the right strategy with great opportunities ahead. I will remain a significant shareholder and continue to closely follow the company.”
The firm said it has reached this decision "in light of Stillfront’s announcement in September 2024, which presented a new group management structure with operations divided into three business areas, aimed at enhancing organic growth, profitability, and transparency."
"The goal is also to increase focus on key franchises and address low performing games," Stillfront said in a statement.
"These optimisation activities are to be fully implemented by the fourth quarter of 2025 and are expected to generate annual cost savings of 200 to 250 MSEK compared to annualised costs in the second quarter of 2024."
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