Atari Confirm Corporate Restructuring For Gaming And Blockchain

Atari has confirmed an organisational restructuring as well as the creation of two separate divisions aimed at maintaining growth in the gaming and blockchain ecosystems.

Wade Rosen, the new chairman of the Atari board of directors, was to take over as CEO as of Tuesday April 6, with current CEO Frédéric Chesnais focusing on licences and the Atari Blockchain.

Iconic and legendry

Rosen said: “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.

“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.”

Growing retro gaming industry

The gaming branch of the company, which will contain all properties not found in the blockchain segment, will be focused on the growing retro gaming industry.

Atari’s financial priorities would be gradual long-term growth and positive cashflow. It will rely on the three main pillars of gaming, the VCS, and licencing in order to do so, according to the company.

The Blockchain division’s primary goal will be to continue developing the Atari Token through additional use cases and integration into the Atari ecosystem, as well as to continue evaluating opportunities in blockchain gaming, NFTs, and blockchain-based online worlds.

Restructuring this division

As part of this venture, Atari is looking into the possibility of restructuring this division into an independent company, with the aim of a future spin-off to Atari shareholders through the 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 organisation in two divisions will help us adapt to the changes in our business line.”