New Jagex and Stillfront CEOs cut 75+ games and 2 studios in first 100 days
Summary
Jon Bellamy took Jagex and Alexis Bonte took Stillfront in March 2025, both with restructuring plans pre-written.
Bellamy divested two studios and killed all non-RuneScape projects; Jagex then grew 4-5x faster than any prior year of the decade.
Bonte cut Stillfront from 75 games across 21 studios to 7 franchises, and halved his exec team from 12 to 6.
"If you're not decisive, you shouldn't be the CEO"
01
Both CEOs arrived with the plan already written
Bellamy played RuneScape for 20 years, worked at Jagex early career, sat on the board through the Haveli PE deal.
Bonte sold his studio to Stillfront and ran the group as COO before the CEO seat.
"The plan was very clear for me from the get-go"
Arriving in discovery mode burns a third of the execution window before visible action starts.
02
Portfolio subtraction, not investment, drove value creation
Neither CEO launched anything new in the first 100 days.
Bonte collapsed Stillfront from 75 games across 21 studios to 7 franchises and eliminated regional business units.
Bellamy divested two studios, cancelled all non-RuneScape projects, and rebranded to "Jagex, the RuneScape company".
Post-consolidation, Jagex grew 4-5x faster than any prior year of the decade.
03
One deep cut beats ten measured ones
Bonte rebuilt his exec team within a year from 12 to 6, doubling product leadership from 2 to 4.
His stated regret: "No, I should have done it in the first three months" - Alexis Bonte, CEO, Stillfront
"We're not a family. We're a pro sports team. If the striker isn't scoring goals, you put him on the bench"
Leadership was treated as a portfolio problem: same subtract-first criteria as game cuts.
04
Insider knowledge decays into assumption if unchallenged
"It is not the same thing that was true ten years ago when I was last here"
Bonte found long-tenure separations easier than expected: "You kind of know when their heart isn't in there anymore. And they know you know" - Alexis Bonte, CEO, Stillfront
Sacred assets are defined by product and community, not the people currently managing them.
05
Board time is a strategic alignment signal, not overhead
Bellamy spends 20-30% of his month on board communication, up to 60% around major decisions.
Bonte targets 20% and reads anything above as strategic misalignment, not diligence.
"I don't have the brain power to be able to manage two sets of stories"
Bellamy frames the CEO seat as "the pinch point on an hourglass" - board and shareholders above, players above them.
What this means
For Investors & VC: Post-transition portfolio contraction, not new bets, is the near-term value signal at both Jagex and Stillfront.
For Publishers & Developers: Studios inside Stillfront outside the 7 retained franchises are divestment or shutdown candidates - relevant for M&A and talent outreach.
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