Ubisoft names new co-CEOs of Tencent-backed subsidiary

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Ubisoft has named North America MD and company veteran Christophe Derennes and ex-Owlient studio manager Charlie Guillemot as the co-CEOs of its new Tencent backed subsidiary.

Earlier this year the Chinese publishing giant invested €1.16bn ($1.25bn) for a 25% stake in the new entity, from which it will get royalties. The subsidiary, said to be fully controlled by Ubisoft, will hold the licences for key franchises: Tom Clancy’s Rainbow Six, Assassin’s Creed and Far Cry.

In an interview with Variety, Guillemot, the son of Ubisoft CEO Yves, said the aim of the new entity was to “bring more focus, more autonomy, and more accountability to the teams”.

New structure

Derennes said the long-term goal is to grow the company’s key IPs into “long-lasting pop culture experiences”.

“This new subsidiary is an opportunity to create with more autonomy and agility, with clearer responsibility and accountability,” he said.

“Decision-making can be faster, and we can pivot more easily when needed. That added flexibility will be key to creating games that resonate with new audiences, especially younger generations of players who interact with content differently.”

On the subject of nepotism, Guillemot said his appointment was not only about family ties, but “what Ubisoft needs at this moment”.

“What matters now isn’t my name, it’s the work ahead. Ubisoft is at a pivotal moment,” he said.

“What’s expected of me is to help push the company forward by bringing energy, focus, and by relying on the incredible expertise that already exists across the teams. 

“I see myself as someone here to contribute, support, and help create the right conditions are in place for everyone to do their best work.”

Ubisoft’s future

Questions about what the new entity means for Ubisoft at large remain unanswered. The deal left out mention of development teams such as those in France and the UK, as well as other IP like Watch Dogs.

Tencent is an influential shareholder in the publisher. In 2022, it invested $300m for a 49.9% stake in Guillemot Bros, run by Ubisoft’s co-founders who control the largest stake in the company. It also holds its own stake in Ubisoft’s overall business worth close to 10%.

By law, an investor that acquires 30% or more of shares of a public company in France must make a takeover bid.