Crytek's Cevat Yerli steps down

Cevat Yerli has ended his tenure atop Crytek. The company today announced that its long-time president and CEO has stepped down from those positions, but will continue to serve the developer as a "strategic shareholder".

Yerli co-founded Crytek in 1999 with his brothers Avni and Faruk Yerli. Going forward, Avni and Faruk will oversee the company's operations as joint CEOs.

"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," Cevat said in a statement. "I have been honored 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."

Just how bright the company has been shining in recent years is a matter of debate. Since 2016, Crytek has closed most of its studios, reportedly struggled to make payroll, laid off staff at its Frankfurt headquarters, been sued for unpaid severance, and dropped its VR First educational initiative.

However, the company said an unspecified investment made last autumn "has fortified Crytek and added the necessary capital for future growth."