Lars Wingefors, founder of Swedish gaming company Embracer, is stepping down from his CEO role. Current deputy CEO Phil Rogers will assume the position from August 2025.
Embracer, which oversees IPs like The Lord of the Ring, Dead Island, Metro, and Tomb Raider, is no stranger to change, of course. After making high-profile acquisitions like the purchase of Middle-earth Enterprises and Borderlands-maker Gearbox in 2022 and 2021, respectively, Embracer found itself in turmoil after a $2 billion deal with Savvy Games Group fell through. In the time since, the company has shut down Saints Row developer Volition Games, sold Gearbox, split from Space Marine 2 developer Saber Interactive, and overseen thousands of layoffs. Wingefors called the criticism and backlash to its missteps "painful."
In April 2024, Embracer announced plans to split itself into three separate companies: Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends to “unleash the full potential of each team and provide them with their own leadership and strategic direction.” The restructuring and closures saw 1,387 workers lose their jobs and 29 unannounced projects canceled. It recently announced plans to spin off Coffee Stain Group and renamed its The Lord of the Rings business Fellowship Entertainment.
Wingefors isn't leaving Embracer entirely, however, and has been appointed executive chair of the board, with current chair Kicki Wallje-Lund moving to deputy chair. Wingefors will also be appointed director of the aforementioned Coffee Stain Group.
"With the start of this new phase, I am thankful for the years and lessons learned as CEO of Embracer," Wingefors said in a statement (thanks, GamesIndustry.biz). "While the road has not always been straight, I am incredibly proud of the achievements made possible by our talented teams, which have created some incredible experiences for gamers.
"This new phase allows me to focus on strategic initiatives, [mergers and acquisitions], and capital allocation, ensuring Embracer's continued growth and success. I am more convinced than ever that the best is still ahead of us. Having worked very closely with Phil over the past years, I have high confidence in his abilities. I look forward to a continued close collaboration to further strengthen the business and drive value in the coming years."
Looking to the future, Embracer owns or controls over 450 franchises, with a long list of subsidiaries that includes THQ Nordic, Plaion, Coffee Stain, Amplifier Game Invest, DECA Games, Dark Horse, Freemode, and Crystal Dynamics – Eidos. It has 73 internal game development studios and over 7,000 staff.
Vikki Blake is a reporter for IGN, as well as a critic, columnist, and consultant with 15+ years experience working with some of the world's biggest gaming sites and publications. She's also a Guardian, Spartan, Silent Hillian, Legend, and perpetually High Chaos. Find her at BlueSky.
