March 1, 2018 // 9:48 a.m.
Financially beleaguered developer Crytek has lost its founder, chief executive, and president Cevat Yerli in a move claimed to leave the company in a 'strong position' with a 'fortified' balance sheet.
That Crytek has been struggling is not news: Rumours that the company was close to bankruptcy began circulating in 2014 and were quickly confirmed by former staff. Investment was said to save the company, while further funds were raised through the sale of the Homefront franchise and a deal with Amazon, but two years later things again looked bleak with Crytek being forced to close the majority of its global studios.
Now battling former client Cloud Imperium Games over alleged breach of contract with a deal to use CryEngine technology in the much-delayed Star Citizen multiplayer and Squadron 42 single-player games, Crytek is getting a shake-up at the top - and company founder Cevat Yerli is out, replaced by Avni Yerli and Faruk Yerli - Cevat's brothers, who have been with the company since 2001 and 2000 respectively - as joint chief executives.
'With the company in a strong position, now is the ideal time to recognize the existing leadership's excellent achievements over these past two years and formally transition executive leadership to Avni and Faruk,' claimed Yerli of his departure. 'I have been honoured to serve as CEO of the company I founded with my brothers almost 20 years ago and have seen the team accomplish breakthrough things in that time. I look forward to continue helping Crytek as a major shareholder, and I am very excited to see what tomorrow brings. I have every confidence that the company will continue to shine under the guidance of Avni, Faruk, and the rest of the leadership team.'
That 'strong position' is the result, Crytek's announcement claims, of investment made in the company late last year which has 'fortified Crytek and added the necessary capital for future growth'. The company is also pinning its hopes on Hunt: Showdown, a bounty-hunting title it launched last week.