Lars Wingefors, the founder of Swedish gaming giant Embracer, is stepping down from his role as CEO. Current deputy CEO Phil Rogers will take over the position starting in August 2025.
Embracer, the company behind major franchises like The Lord of the Rings, Dead Island, Metro, and Tomb Raider, has undergone significant transformation. Following major acquisitions—including the purchase of Middle-earth Enterprises and Borderlands creator Gearbox in 2022 and 2021—the company faced instability when a planned $2 billion partnership with Savvy Games Group fell through. Since then, Embracer has shut down Saints Row developer Volition Games, sold Gearbox, parted ways with Space Marine 2 developer Saber Interactive, and implemented widespread layoffs. Wingefors described the criticism of the company's missteps as "painful."
In April 2024, Embracer revealed plans to reorganize into three distinct entities: Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends. The goal was to empower each division with dedicated leadership and strategic focus. This restructuring led to 1,387 job cuts and the cancellation of 29 unannounced projects. More recently, Embracer announced its intention to spin off the Coffee Stain Group and rebranded its The Lord of the Rings division as Fellowship Entertainment.
Wingefors is not leaving Embracer entirely. He has been appointed executive chair of the board, while current chair Kicki Wallje-Lund will become deputy chair. Wingefors will also serve as a director of the newly independent Coffee Stain Group.
"As we enter this new chapter, I am grateful for my years as CEO of Embracer and the lessons learned along the way," Wingefors stated. "While the journey has had its challenges, I am immensely proud of what our talented teams have accomplished, delivering unforgettable experiences for players worldwide."
"This new role allows me to focus on strategic growth, mergers and acquisitions, and capital allocation to support Embracer's ongoing success. I am more confident than ever that our brightest days are ahead. Having worked closely with Phil for years, I have great faith in his leadership. I look forward to continuing our collaboration to drive value and strengthen the business in the years to come."
Looking ahead, Embracer holds rights to over 450 gaming franchises and oversees a vast network of subsidiaries, including THQ Nordic, Plaion, Coffee Stain, Amplifier Game Invest, DECA Games, Dark Horse, Freemode, and Crystal Dynamics – Eidos. The company operates 73 internal game development studios and employs more than 7,000 people.
