Thunderful Group CEO steps down to take on new role within games division

Thunderful Group CEO Brjann Sigurgeirsson has stepped down to take on a new role within the company's video games segment.

It's unclear exactly why Sigurgeirsson is shifting roles, although comments in Thunderful's latest fiscal report indicate the decision is part of a changing business strategy.

"We are now around 450 colleagues working on a large number of promising projects, and we have an exciting time ahead of us. With that, the time has come for me to step down as CEO of Thunderful Group and for new forces to lead the group as we enter the next phase. Our former CFO Anders Maiqvist takes over as acting CEO, and the company is in good hands," said Sigurgeirsson.

"I would like to thank all my colleagues for their support and constant hard work. I will continue in a new role within our Games segment and look forward to focusing on game development again.

That's one of a number of personnel changes, with Callum Underwood also stepping down as managing director of Thunderful's investment pillar Robot Teddy for personal reasons. The company's chief games officer Agostino Simonetta, who joined Thunderful in 2021 from ID@Xbox, has been appointed acting managing director of Robot Teddy to help steady the ship.

Thunderful reported a net loss of SEK 21.8 million ($1.7 million) for the second quarter ended June 30, 2022, but said its games segment remains in good health with net sales of SEK 114.9 million ($9.3 million) and adjusted EBITA of SEK 34.6 million ($2.8 million).

According to Sigurgeirsson, those numbers were achieved despite a one-off impairment of SEK 10 million related to the PC and Steam launch of The Gunk in the second quarter.

"Adjusted for the one-off impairment, this is one of the best quarters to date for the Games segment, and the growth is non-organic," said the outgoing CEO. "Our business development and strategy agency Robot Teddy has signed deals and is the main contributor to the adjusted EBITA growth. Robot Teddy have again proven their ability for find and sign game-changing titles that few others would be able to."

Moving forward, Thunderful will begin the search for a new CEO who'll be able to lead the company on a "continued growth journey."