Atari has announced a corporate restructuring alongside the creation of two new divisions which are targeted towards continued growth across the gaming and blockchain ecosystems.
Wade Rosen, currently chairman of the Atari board of directors, has become CEO from today (Tuesday 6 April), with current incumbent Frédéric Chesnais to switch focus to licensing and Atari Blockchain.
“I’m honoured to be a steward of something as iconic and legendary as Atari. I would also like to thank Fred Chesnais for turning around the company, which is now well positioned for such incredible long-term success,” Rosen explained.
“When Fred stepped into the role of chief executive officer, he inherited a situation burdened with debt. Since then, he has eliminated debt and enacted a meaningful turnaround.
“He had the foresight to push Atari into cutting edge markets like Blockchain, the VCS, and the Atari Hotels. It’s because of him that the company is at its strongest valuation in seven years.
“We thank Fred for his leadership and are excited to continue working with Fred as he focuses on licensing for the entire group and the development and growth of the exciting blockchain division created today.”
The group’s gaming division, which will include all assets not included in the blockchain segment, will be focused specifically on the expanding market of retro gaming.
Financially, Atari will prioritise incremental long-term growth and sustainable cashflow. To do it says that it will focus on the three key pillars of gaming, the VCS, and licensing.
The primary goal of the Blockchain division will be the continued development of the Atari Token through further use cases and integration into the Atari ecosystem, in addition to continuing to evaluate opportunities in blockchain gaming, NFTs, and blockchain based online worlds.
As part of this venture, Atari is exploring, among several options, the potential structuring of this division as an autonomous entity with a view to a possible spin-off to Atari shareholders by listing of this new entity.
Chesnais added: “Eight years ago, when I came back, the brand was given for dead. This spectacular turnaround is the result of solid teamwork and support from the shareholders, and I would like to thank each and every one of these individuals. We can all be proud of this outcome.
“The Atari brand is alive, more than ever, and this organization in two divisions will help us adapt to the changes in our business line.”