Remedy Entertainment, known especially for the Alan Wake and Control franchises, has announced a major shake-up at the top: after nine years steering the Finnish studio, Tero Virtala has stepped down as CEO with immediate effect.
Despite the studio not detailing the reasons for Virtala’s departure, this news comes on the heels of the under-performing launch of FBC: Firebreak. This was Remedy’s first attempt at live-service multiplayer territory, which may have triggered a strategic reset.
Tero Virtala Departs After Nine Years, Markus Mäki Named Interim CEO
According to a report on Remedy’s official website, Tero Virtala is no longer the CEO of the company as of today, October 22, and Markus Mäki was appointed as the interim CEO while they search for a new name for the position.
If you’re not familiar with the name, Mäki is one of the founders of the company and has been a member of the Board and the core management team for years, so this transitional period for Remedy is probably in good hands.
“I want to thank Tero Virtala for his substantial contribution to the management of Remedy since 2016. I personally thank Tero for good cooperation and wish him all the best for the future,” says Mäki on the report.
However, the statement doesn’t specify any reason for Virtala’s departure, only noting that it was a mutual decision, with him set to assist during a transition period to ensure a smooth handover of his CEO responsibilities.
Virtala has acted in the position since August 2016, meaning he spent nearly ten years of his career with Remedy, actively participating in the studios’ most critical periods, such as the creation of the Control universe, the sequel to the classic Alan Wake, and the pivot to multiplayer with FBC: Firebreak.
Looking back at this context, some speculation started to spread, suggesting that the latter may be the reason for his departure, since FBC not only received mixed reviews from players and critics, but also was a commercial failure. For instance, on October 10, Remedy shared that they had a €14.9 million loss related to development costs and publishing and distribution rights for the multiplayer title.
In addition, even acclaimed titles such as Alan Wake 2 did not achieve significant sales results (despite resonating a lot with players and critics), contributing to the studio’s current delicate financial situation.
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Author: 360 Technology Group
