2K Games has reportedly fired Michael Condrey, the president of Project Ethos developer 31st Union, following what the publisher sees as a disappointing reveal for the game last year.
If you don't remember Project Ethos, I don't blame you. It's a roguelike hero shooter that was announced by 2K back in October, but it's been relatively quiet since then, and if this report is anything to go by, I guess we now know why.
According to Kotaku (which cites "sources familiar with the studio"), Condrey was removed from his position as the studio head of 31st Union three days ago, but he'll remain as an advisor on the project, although what exactly that will entail is unclear.

In a statement given to Kotaku, 2K commends Condrey's "dedication, passion, and work ethic", but says that he will be "transitioning his role in the short term to focus on advising on the future of Project Ethos".
The studio says it's still "very committed" to finding a "forward path" for Project Ethos "and the people and culture of the 31st Union studio", so it doesn't sound like the game will be canceled or the studio will be shut down, at least.
As Kotaku points out, however, Take-Two is set to announce its quarterly financial results later today, and it's entirely possible that the studio could make some kind of reference to Project Ethos and its future then.
Of course, at the moment, there's a much bigger prize in Take-Two's eyes, namely the impending release of Grand Theft Auto 6, which is still apparently set for this year.

If 2K's parent company Take-Two does cancel Project Ethos and shut down 31st Union, it wouldn't be the first time the company has done something like that.
Although it denied doing so, Take-Two reportedly closed down two of its subsidiaries, namely OlliOlli World developer Roll7 and Kerbal Space Program 2 studio Intercept Games, last year.
Additionally, the company sold its indie label Private Division to a then-undisclosed buyer in November, with that buyer subsequently reported to be a company made up of ex-Annapurna Interactive staffers following mass resignations at that company in September.
At any rate, for now, at least, Project Ethos remains in development and 31st Union remains an active studio. We'll have to wait and see how long that lasts. Stay tuned for more.