Lars Wingefors, founder of Swedish gaming giant Embracer Group, is stepping down as CEO after years at the helm. Current deputy CEO Phil Rogers will take over leadership starting August 2025.
The entertainment conglomerate, which controls major franchises including The Lord of the Rings, Dead Island, Metro, and Tomb Raider, has undergone significant restructuring in recent years. Following ambitious acquisitions like Middle-earth Enterprises in 2022 and Borderlands developer Gearbox in 2021, Embracer faced turmoil when a $2 billion investment deal with Savvy Games Group collapsed. This led to Volition Games' closure, Gearbox's sale, Saber Interactive's spin-off, and massive workforce reductions. Wingefors described the criticism of these moves as "painful."
In April 2024, Embracer announced a radical restructuring plan to split into three independent entities: Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends. This reorganization resulted in 1,387 layoffs and cancellation of 29 unannounced projects. The company has since begun spinning off Coffee Stain Group and rebranded its Lord of the Rings division as Fellowship Entertainment.
Wingefors won't be leaving Embracer completely - he'll transition to executive board chair, with current chair Kicki Wallje-Lund becoming deputy chair. Additionally, Wingefors will join Coffee Stain Group's board.
"Entering this new chapter, I'm grateful for my years as Embracer CEO and the invaluable lessons learned," Wingefors stated. "Though our journey hasn't always been smooth, I'm immensely proud of our teams' achievements in creating exceptional gaming experiences."
"This transition allows me to focus on strategic growth initiatives, M&A opportunities, and capital management to secure Embracer's future success. Having worked closely with Phil, I'm fully confident in his leadership and look forward to our continued collaboration."
Looking ahead, Embracer maintains a vast portfolio of over 450 gaming 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 development studios worldwide with more than 7,000 employees.
