Fanatec fires CEO and founder, who remains involved – Gaming – News

Thomas Jackermeier has been fired as CEO of Fanatec’s parent company. In addition, Jackermeier is no longer a member of the board of directors. The founder remains involved ‘in a different role’. Jackermeier’s dismissal was a condition of the banks for payment deferment.

Jackermeier resigned as CEO and board member at the end of March, writes Fanatec’s parent company Endor AG. The company says that this decision was taken by the supervisory board and that the dismissal fulfills an ‘important condition’ of the banks. The company therefore does not have to pay any or less for loans from banks until the end of June. It is not clear how much money the company has borrowed.

Endor AG further announces a chief restructuring officer to appoint, also a condition of the banks. That cro must restructure the company and make it profitable. “At the same time, it is crucial for us to keep founder Thomas Jackermeier active in the company,” the supervisory board writes. “No one else in the sim racing market has a comparable network and sense of market trends.” Jackermeier will help the company manage products, maintain strategic contacts and support the upcoming cro.

Fanatec is known for sim racing wheels and pedals. The company Endor AG was founded in October 1997. Endor expects a turnover of 115 to 125 million euros in 2024, about 10 to 20 million euros more than in 2023. The company expects an EBITDA of 8 to 10 percent for 2024, compared to the expected EBITDA loss of 10 to 15 percent about 2023.

Endor AG says it is suffering from deliveries that had to be postponed and speaks of postponed product licenses from Sony as reasons for lower sales in 2023. In addition, the company indicates that more Fanatec products were ordered in January 2024 than in January 2023 used to be. These points, combined with the aforementioned reorganization, mean that Endor AG expects to be profitable this year.