Devolver Digital CEO Douglas Morin has stepped down

Devolver Digital CEO Douglas Morin has stepped down with immediate effect.

The indie publisher, known for titles like Cult of the Lamb, Inscryption, and Hotline Miami, said the move was part of its plan to deliver "long-term growth and development."

Morin joined Devolver in 2020 as chief of staff and was named CEO in 2021. He will be replaced by executive chairman and co-founder shareholder, Harry Miller.

Devolver praised Morin's leadership and said he "played a vital role in Devolver's IPO, strengthened the corporate and operating structure of the listed company, and championed the acquisition of System Era Softworks."

Incoming boss Miller established the company in 2009 alongside Rick Stults, Graeme Struthers, Nigel Lowrie and Mike Wilson. He previously had a stint at CEO and is now taking the reins once again.

"On behalf of the board and everyone at Devolver, I would like to thank Douglas for his significant commitment and achievements at Devolver in the last four years. Douglas' energy, leadership and determination were critical to our IPO and program to build our infrastructure as a listed company, culminating in the exciting System Era acquisition," said Miller.

"I am excited by the opportunity to step back into the CEO role. It's an incredible pleasure and honor to continue to work with Devolver's fantastic and talented team, building out a strong pipeline of fun and creativity, and of course delivering on our long-term growth strategy."

The reshuffling didn't stop there. Devolver has named Kate Marsh, formerly the company's senior independent director, as its new non-executive chair with immediate effect. Devolver COO and co-founder Graeme Struthers will also be joining the board.

Devolver's revenue in line with expectations

In a separate trading update that touched on those leadership changes, Devolver said it delivered revenues in line with expectations during the second half of 2023 thanks to "excellent demand for our back catalogue."

"After a quiet year in 2023 for major title releases, we enter 2024 with a release schedule featuring wonderful titles such as Pepper Grinder, The Plucky Squire, Anger Foot and NEVA, with releases more evenly balanced throughout the year," added Miller.

"In addition, we will enjoy a full year of contribution from recently acquired System Era which takes us into the exciting area of expandable games and has performed in line with expectations since acquisition. As a result of this momentum for our strategy heading into 2024, we expect Normalized Adjusted EBITDA to return to growth in 2024 and accelerate in 2025."