The Board of Directors of Stillfront Group AB (publ) ("Stillfront") has initiated the recruitment process for a new CEO for Stillfront and appointed Alexis Bonte as interim CEO with immediate effect. Alexis Bonte has been with Stillfront since 2017, is a member of the executive management team, and most recently held the position of President Publishing and Business Acceleration.
The decision was made 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. These optimization 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 annualized costs in the second quarter of 2024.
Katarina Bonde, Chairman of the Board of Stillfront, comments:
"The efficiency measures we have taken continue to support increased profitability, and cash flow generation remains strong, as does our financial position. 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.
Jörgen Larsson has, since he founded the company 14 years ago, been instrumental in building Stillfront to its leading position today, with a vision of creating a global gaming company by collaborating with the best independent digital game studios. The Board would like to extend a big thank you to Jörgen Larsson for his crucial contributions to Stillfront.
The process of recruiting a new permanent CEO has begun, and the Board is very pleased that Alexis Bonte has accepted the role of interim CEO of Stillfront. Alexis is a valued leader and has made significant contributions within Stillfront since 2017, thus having a solid knowledge of the company.
Jörgen Larsson, outgoing Stillfront CEO, comments:
"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."
Alexis Bonte, interim CEO of Stillfront, comments:
"Stillfront's strategy remains unchanged, and the focus is on executing the synergy phase, particularly by implementing the new organizational and governance model as quickly as possible. This will provide better conditions for the game teams to focus on core activities, enable growth, and achieve our cost-saving goals according to the timeline we have presented."
For additional information, please contact:
Otto Linnala, Interim Investor Relations Officer, Stillfront Group
Phone: +46 73 3 33 16 32
E-mail: otto.linnala@stillfront.com
About Stillfront
Stillfront is a global games company. We develop digital games that are played by almost 50 million people each month. Our diversified portfolio spans well-established franchises like Big Farm, Jawaker and Supremacy, to smaller, niche games across our different genres. We believe gaming can be a force for good and we want to create a gaming universe that is digital, affordable, equal, and sustainable. Our HQ is in Stockholm, Sweden, but our game development is done by teams and studios all over the world. Our main markets are the US, Japan, MENA, Germany, and the UK. Stillfront's shares (SF) are listed on Nasdaq Stockholm. For further information, please visit: stillfront.com
This information is information that Stillfront Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-10-15 23:36 CEST.
