It has been reported that 2K has replaced the leadership team working on BioShock 4 after executives were left disappointed by the state of the game during an internal review. It has also been claimed that a remake of the original BioShock has been shelved.

The details:

According to a new report from Bloomberg, 2K studio Cloud Chamber failed to impress the publisher’s executives with BioShock 4 in a recent review. It’s said that the game’s narrative was a main point of criticism, with an anonymous source stating that it was "identified as an area in need of improvement [that] will be revamped in the coming months.”
It was also claimed by Bloomberg and later confirmed by 2K that the poor internal review has led to changes in leadership for the project, with studio head Kelley Gilmore stepping down and creative director and series veteran Hogarth de la Plante being moved to the company’s publishing division. It’s currently unknown who will take over their roles, but it was noted that Cloud Chamber as a whole was told that the studio must aim "to become more agile and efficient,” leading to fears of layoffs. “We are working hard to set BioShock up for the best possible future,” 2K said in a statement. “Right now, we have a good game, but we are committed to delivering a great one. We are working closely with leadership at the studio to define this path.”
BioShock 4 is not the only project to be affected, as it has been revealed that an unannounced remake of the original BioShock has also been canned. It’s unclear how far along the project was in the works or why it was cancelled, though it is thought to have been scrapped earlier this year.

More gaming news:

2K replaces BioShock 4 leadership after disappointing internal review, BioShock 1 remake also cancelled