Remedy Entertainment CEO Steps Down
Remedy Entertainment’s CEO, Tero Virtala, has made the decision to step down from his position, in mutual agreement with the company’s Board of Directors. This move has led to Markus Mäki, one of the studio’s founders and former Chairman of the Board, taking on the role of interim CEO. Additionally, Henri Österlund, a Board member, has been appointed as the new Chairman.
Markus Mäki, the interim CEO, expressed his gratitude towards Tero Virtala for his significant contributions to Remedy since 2016. Mäki thanked Virtala for their collaboration and wished him success in his future endeavors.
The leadership transition follows a recent revision of Remedy’s financial outlook, prompted by the underperformance of their game, FBC: Firebreak. Despite launching in June, the game faced challenges, leading Remedy to implement major updates. Although these updates resulted in improved player and sales metrics, they fell short of the company’s internal targets. As a result, Remedy is facing a non-cash impairment related to FBC: Firebreak’s development costs and distribution rights.
On October 29th, a business review for Q3 2025 is scheduled to provide insight into Remedy’s development efforts and future prospects.
During Virtala’s tenure, Remedy achieved significant milestones, including their initial public offering (IPO) to secure funding for expansion into a multi-game studio. Partnerships with 505 Games and Smilegate paved the way for successful titles such as Control and Alan Wake. Noteworthy collaborations with Epic Games led to the release of Alan Wake Remastered and plans for Control 2.
In an effort to diversify their portfolio, Remedy ventured into multiplayer gaming with FBC: Firebreak. However, the game’s underperformance, coupled with slower sales for Alan Wake 2, impacted the company’s stock market standing. Despite a previous peak in share prices, Remedy’s current valuation has decreased.
Looking ahead, Remedy aims to increase revenue compared to the previous year but anticipates negative operating profit from ongoing projects. The focus is now on developing Max Payne remakes and Control 2, with further details to be revealed in the upcoming business review.
Source: Remedy
