Lars Wingefors, founder of Swedish gaming conglomerate Embracer Group, will relinquish his CEO position effective August 2025. Current deputy CEO Phil Rogers will succeed him.
The company behind iconic franchises including The Lord of the Rings, Dead Island, Metro, and Tomb Raider has weathered significant turbulence recently. Following major acquisitions like Middle-earth Enterprises and Borderlands developer Gearbox in 2022 and 2021 respectively, Embracer faced financial instability after a $2 billion partnership with Savzy Games Group collapsed. Subsequent restructuring led to closure of Saints Row studio Volition Games, divestment of Gearbox, spinoff of Space Marine 2 developer Saber Interactive, and widespread layoffs. Wingefors described the public criticism of these moves as "painful."
Earlier in April 2024, Embracer unveiled plans to separate into three distinct entities: Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends, aiming to "unlock each division's full potential." This reorganization resulted in 1,387 job cuts and cancellation of 29 unrevealed projects. The company subsequently confirmed plans to spin off Coffee Stain Group and rebranded its Lord of the Rings division as Fellowship Entertainment.
Wingefors will maintain involvement with Embracer, transitioning to executive chairman while current chair Kicki Wallje-Lund assumes deputy chair responsibilities. Wingefors will also serve on Coffee Stain Group's board.
"Embarking on this new chapter, I reflect gratefully on my tenure as Embracer's CEO," Wingefors stated (via GamesIndustry.biz). "While our path hasn't always been smooth, I take immense pride in our teams' accomplishments delivering extraordinary gaming experiences."
"This transition enables me to concentrate on strategic growth initiatives, [M&A], and capital management to drive Embracer's future success. Having collaborated extensively with Phil, I'm confident in his leadership and look forward to working together to maximize shareholder value."
Looking ahead, Embracer boasts ownership of 450+ game franchises through subsidiaries including THQ Nordic, Plaion, Coffee Stain, Amplifier Game Invest, DECA Games, Dark Horse, Freemode, and Crystal Dynamics-Eidos. The company operates 73 internal studios employing over 7,000 professionals globally.
