Funcom CFO steps down after Q4 loss

Funcom’s chief financial officer Olav Sandnes has stood down from his position at the MMO to take up a role in a different sector publisher following the firm’s confirmation of losses in Q4 2008. He will remain in the role until a successor is found.

In total, Funcom suffered an operating loss of $23m for the final quarter of last year. Revenues for the quarter, however, grew to $9m, up $1.2m year-on-year. It also reported a full year net-loss of $39m.

It pinned the numbers on the lagging performance of MMO Age of Conan, whose user numbers are now believed to be below 100,000 – at one stage the game boasted 700,000 subscribers. The game was the third best selling PC game of 2008 in North America, but has suffered from shorter average subscription periods than anticipated”.

Olav Sandnes has made important contributions in Funcom, particularly in respect of developing the company’s financial reporting, controls and management systems and as a member of the management team,” Funcom CEO Trond Aas stated.

Sandnes himself added: Funcom is a company with a substantial potential based on a unique combination of skill sets in a fast growing global market. I wish Trond Aas and the rest of the organization all the best in realizing the full potential of Funcom.”

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