nDreams CEO Patrick O’Luanaigh is stepping down after 19 years.

O’Luanaigh said he will “still be working closely with the exec team and Aonic to shape” the company’s future as non-exec chairperson.

“I have loved my 19 years as CEO, and it’s going to be great to continue to keep a close eye on nDreams’ exciting journey from my new role,” he said in a statement.

Talking about new CEO Tomas Gillo, who has been running development at nDreams for almost a decade, O’Luanaigh added: “Tom knows the company and teams better than anyone, and most importantly knows VR and MR game development inside out, and I have no doubt that he’ll do a fantastic job along with the incredible exec team that we have built.

In a responding statement also posted to nDreams’ LinkedIn, the company said: “As a company we’d like to thank Patrick O’Luanaigh for his years of wonderful leadership. His forward-thinking vision for VR has led this company from success to success, but more than that, his guidance, calm presence and patience with colleagues has set the example for leadership in our company.

“That said, we’re extremely excited to welcome our long-time colleague Tomas Gillo as CEO! With more than a decade’s experience at the company, we know he’s the right man for the job and are excited for this next chapter in nDreams’ history.”

At the end of last year, nDreams made mass layoffs, saying that despite exploring “multiple alternatives to avoid such action,” a new “strategic focus could result in redundancies affecting up to 17.5% of the company.” Then, in February, it launched a new studio called Compass and shut down two others.