Starbreeze CEO resigns, citing personal reasons

Mikael Nermark has resigned from his position as Starbreeze CEO for unspecified personal reasons.

Nermark will be replaced by Tobias Sjögren in the role of acting CEO as the company undergoes a search for a permanent replacement.

Sjögren is currently a Starbreeze board member, and is formerly the studio manager of DICE in Stockholm and EVP of business development at Paradox.

"I would like to thank Mikael for his efforts during many years at Starbreeze," said board chairman Torgny Hellström. "Mikael has had a big role in the company's development and today Starbreeze stands stronger with a full focus on Payday."

Starbreeze has undergone a rough few years, having reported a loss for the year ending December 31, 2019, of $12 million as it concluded a reconstruction effort following a looming threat of insolvency.

The insolvency concern resulted in Nermark taking on the role of then-acting CEO back in 2018, replacing Bo Andersson Klint.

Over the last two years, the company has laid off a quarter of its staff, sold off System Shock 3, 10 Crowns, and its India-based art production division Dhruva Interactive in an attempt to stabilize.

With reconstruction now complete, Starbreeze looks to the Payday franchise to rebuild the company's revenue stream.