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(Sharecast News) - Frontier Developments said on Tuesday that chief executive Jonny Watts would step down for personal reasons, with chief marketing officer Jo Cooke appointed as his successor from the start of next year.
The AIM-traded, Cambridge-based video games developer said Watts, who had been with the group for 27 years and became CEO in August 2022, informed the board of his intention to leave in order to spend more time with family.
During his tenure, Watts led a turnaround strategy focused on Frontier's core strength in creative management simulation games, which the company said restored growth and profitability.
Following the launch of Jurassic World Evolution 3 in October, Watts said he believed it was the right time to hand over leadership.
Cooke, who rejoined Frontier in August and currently served as chief marketing officer, was expected to join the board as CEO with effect from 1 January, subject to customary due diligence by the company's nominated adviser.
Watts would remain on the board until 31 May to support the transition.
"It's been a privilege to contribute to the amazing games Frontier has developed throughout my 27 years," Watts said.
"During my tenure as CEO, I am pleased that we have turned the business around to focus back on our key strengths.
"The time is now right for me to step down as CEO, and I am confident in passing the baton to Jo."
Cooke said the strategy established under Watts' leadership had drawn her back to the company and that she was "thrilled to now be stepping up to CEO."
"Jonny will be greatly missed, but I am confident that we will be successful in continuing to deliver on this strategy, listening to our players and making new games that will continue to entertain and engage for years to come," Cooke added.
Chairman Ilse Howling said Watts had achieved a strategic reset that put players back at the heart of the business, while Cooke's industry experience and player-focused approach meant she was "excellently placed to drive the company's future growth."
Founder and president David Braben thanked Watts for his contribution and said Cooke was "perfect to take Frontier forward for the future."
Frontier also said it expected to publish its interim results for the six months ended 30 November on 14 January, adding that its portfolio of creative management simulation games continued to perform well ahead of seasonal price promotions.
An update on December trading would be provided alongside the results.
At 1440 GMT, shares in Frontier Developments were down 8.63% at 444.5p.
Reporting by Josh White for Sharecast.com.