Unity CFO Luis Visoso Is Leaving Company

By Sabela Ojea

Unity Software said it was looking for a new finance chief after it agreed to part ways with Luis Visoso.

The San Francisco company, which operates a platform for developing video games and other software applications, Thursday said the departure wasn’t a result of a disagreement over financial operations, policies or practices, and would be effective Friday.

Unity named Mark Barrysmith, its chief accounting officer, as interim CFO.

The news comes about three months after the company said it named Matthew Bromberg as its chief executive, and appointed formerly interim CEO Jim Whitehurst as its executive chair.

Write to Sabela Ojea at sabela.ojea@wsj.com;

Source: Unity Software Says CFO Luis Visoso Is Leaving Company - MarketWatch

How does this affect the future direction of Unity?

Very little if any effect. He was the Chief Financial Officer. He was responsible for the finances of the company (ie handling the flow of cash, financial planning, taxes, etc).

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From whose perspective?

Short answer as developers is we don’t really know. That’s how these large businesses run generally speaking. They’re not going to announce to the world all the monetary reasons why they’re doing certain actions. Their stock is in the toilet, people leaving is to be expected. Is that a sign of a resurgence? Maybe? Who knows.

I’ll say this, things could be a lot worse. No news is better than many of us were expecting. After all that crap they pulled in recent memory I was worried about horrifying new price gouging plans or even more absurd craziness as things were just getting worse and worse. At the very least the bleeding has been stemmed as of late and that’s a huge win. Unity 6 is a pleasant surprise.

We’re living in the post Riccitiello era of Unity. We’re living in the post “people who founded the company and have a hand in making the core product better” era of Unity.

If I were to GUESS as a total outside observer who knows absolutely NOTHING about this stuff either with internal knowledge or business saavy. Unity now has some competent management (thank god), but they’re lacking a driving vision and they’re not going to want to take a gamble on ANYTHING, and that includes any sort of radical shifts to improve either. They’re likely simply trying to stabilize in this current climate of tech where everything is in absolute *&%)ing shambles and nothing is for certain.

Here’s what we DO know. It appears they have more people internally who want to improve moral, get employees excited again and get them to be at least somewhat useful at a minimum.

But do they have the rare spirit and talent internally that’s fired up to take on the world to produce incredible new things? Doubtful, again they’re not going to be in a very risk heavy mindset right now. Other studios are going to be in better positions to do that from scratch, namely Godot.

I don’t know anything about Luis other than hearing from him a few times in some public quarterly reports. He sounded well meaning enough, but was just another money guy, and he was obviously there through all the crazy policy debacles and while everything went down the tubes. Probably not his fault, but you can’t help but think anyone around during that period wasn’t part of any solutions either.

To be blunt, Unity was in a real sh*t place not long ago for us developers. And I’ll personally take any kind of shakeup if only to watch that version of Unity all come crashing down.

But it could be signs that they’re cutting their losses and entering their twilight stage of existence, they innovated and pioneered for over a decade, it’s amazing they were on top for so long, perhaps it’s time for them to hunker down, wrap things up and simply maintain this crazy assortment of tech as best as possible.

Here’s the really crazy part, we may not know any better than anyone internally how anything is going, it’s all so murky and full of smoke and mirrors trying to herd cats to produce something that functions. It’s hard to sperate your own biases and ambitions from the trajectory of the fallible individuals around you. This goes for ANYONE.

Is current leadership looking to produce a great product and do they have the grit or want to take big gambles on quality talent to do great things? Or are they more concerned about LOOKING like they’re trying to do so as is so often the case at the large companies?

The optimist in me is hoping yes. But the pessimist in me is bracing for them to fail if they are indeed looking to try to do great things again.

Companies are large places for people with deep pockets and others with technical abilities to come together and act like they want to make great products hoping the other knows WTF they’re doing, and sometimes you have all the right people but just a the wrong time, there are SO MANY things that can go wrong in this crazy world. But most the time at most places, the majority are just playing house, they want to tag along for the ride and often times you zoom out and you see that it’s all a charade top to bottom.

Do the random people appear at the right time showing their capabilities and drive to create awesome things? Do they even give enough of a darn to take a gamble on such people? Will they mistakenly gamble on the wrong individuals and have everything go to crap?

Or worse yet maybe they take a gamble on the right people, and this crazed world ends up grinding them to a pulp and spitting them out because they don’t align with some other individuals within the company’s crazed monetary schemes or who knows what else.

Tech is weird, and we live in an increasingly insane, and stupid world that led to Unity ending up where it is. It was bad enough when we just had the greedy as hell John Riccitiello’s to worry about. Now we have all this new age market manipulations and other crazy crap.

It’s all so strange. I’m still waiting for this twilight zone episode to be over. But in the meantime, just glad things aren’t worse.

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We can however make an assumption based off of Luis Visoso’s LinkedIn account. He’s been with the company for a little more than three years. He rarely stays with a company past 3.5 years. He was with Palo Alto Networks for 10 months, Amazon Web Services for 7 months, Cisco for about 3 years. He moves companies regularly. His longest stint was Proctor & Gamble where he likely worked his way to being CFO material. It’s very likely he’s just moving to his next company.

https://www.linkedin.com/in/luis-felipe-visoso-aa841a22/details/experience/

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This guy seems to be a friend of former CEO Riccitiello. They sold shares together before the Runtime Fee event. I found a post about it. Unity plan pricing and packaging updates - #9252 by Spartikus3_1

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According to whom? I mean it is a small industry it’s very possible but “seems to be” isn’t the same as a definite “is”.

2,698 shares out of a total of 715,959. That’s less than 0.4% and it’s certainly not just the two of them that sold shares.

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I would assume John was friends with lots of high level people at Unity at that time. It’s how we got where we are today… For all the crap we give these “money grubbing” CEO’s, they’re personable and got the job for a reason.

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Thank you for pointing out my mistake. I don’t understand stocks.

Just to add to my earlier post (and I believe it was brought up in that thread): C-suite executives aren’t allowed to sell stock whenever they wish. A window period opens up on the second trading day after the release of the quarterly and annual financial reports are made publicly available. This window can stay open for up to a few weeks but it varies from company to company depending on multiple factors made to prevent legal problems (it’s not just the individual that can get sued - a company can be sued too if insider trading occurs).

Unity released their 2023 2nd quarter report on August 2nd. He would have been able to start trading on August 4th (second trading day after financial statement). Seeing that he made trades on August 28th and September 1st (those were the dates they were filed) the window is probably one month (20 business days).

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Thank you for your insight. It allows me to make up my mind to go on another adventure.

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Take my post with a grain of salt, there’s some facts in there muddied up by personal takes and assumptions, and i’ve got my own biases as well, just like anyone else!

All we can do is make our bets as best we can. For myself though, still glad to be working in Unity for the time being. Still the best, and most feature complete engine and it will be for some time.

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It doesn’t matter. Thank you again!

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Recent earnings call if anyone is interested, just saw it pop up:
EDIT: Unity Stock is not accurately represented in this video

Loved the line from Matt: “The focus now is is on fostering a culture of execution, of discipline, and accountability.”

The beginning is a good watch. Not any fluff, just the new Unity CEO admitting they want to do better and that they want to find competent hard working people and not sugar coating much of anything. Can’t really ask for more.

One thing that was surprising is that they’re looking to bring people onboard at a rapid pace.

“We’re going to rapidly add new world class talent to the team. We understand what needs to be improved and we’re making the necessary changes to our leadership, our products and our processes with a real sense of urgency.”

That was a nice surprise! That’s a sign that they’re still kicking and wanting to turn things around and willing to take some chances bringing on new talent.

Article here:
https://seekingalpha.com/news/4137393-unity-software-slides-lowers-guidance-shakes-up-executive-team

Some interesting banter in the comments section from investors. What’s fascinating is how much more active Unity discussions tend to be literally anywhere else than these forums :stuck_out_tongue:

Some other people coming on board from advertising backgrounds:

It’s important to note how forward thinking they are and excited about monetization plans that are much more dev friendly.

Overall much happier about the future of this company this morning! Some great news coming out even if they aren’t making a big stink out of it. And you kinda get the feeling that they’re doing this the responsible way, letting their actions do the talking and not trying to build any big hype before they’ve proven themselves again.

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Impressive to have an incorrect overlay from an entirely different company for half of the video :skull:

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Good catch. Yeah “Unity” stock is higher than “Uniti” stock. I actually forgot shacknews existed, but there wasn’t a lot of videos to choose from to link.