Crytek CEO Cevat Yerli Steps Down
Crytek co-founder Cevat Yerli is stepping down from his post as CEO and president of the company. This is after the company became embroiled in financial troubles and caused Cevat to become the gaming industry's public enemy number one as their staff was left unpaid for months.
Cevat will still remain with the company and will continue to serve as a "strategic shareholder." However, his role will be filled in by his brothers Avni and Faruk who co-founded the company with their brother and will be taking control as joint CEOs.
In a recent press release announcing his departure, Cevat stated that the decision was driven by a desire to "recognize the existing leadership's excellent achievements over these past two years." He says he is looking forward to contributing to a shareholder role but did not clarify how much direct involvement he will have going forward.
The change comes at a critical time for Crytek which recently launched the mission-based survival shooter, "Hunt: Showdown," on Steam Early Access. The game is deep-set in development and is quickly gaining a loyal following.
The company also released its own cryptocurrency in Turkey earlier this year. Dubbed "Crycash," the digital currency will be used to pay players of its free-to-play online shooter "Warface" for meeting certain in-game milestones.
Also ongoing is their lawsuit against the people behind the "Star Citizen" project regarding alleged copyright violations, breach of contract and alleged collusion related to their use of the CryEngine game engine.
The recent press release said that an investment of capital late last year has "fortified" the company's position and paved the way for future growth. They did not reveal the organizations and individuals behind the investment. What is clear though is that capital is something the company sorely needed.
Crytek has been plagued by money troubles since 2014 where it failed to pay its staff. They were also forced to close or sell a number of studios and if not for an infusion of capital from investors, including e-commerce giant Amazon, the company may have sunk into insolvency.
