Lars Wingefors, founder of Embracer Group, is stepping down as CEO of the Swedish gaming conglomerate. Current deputy CEO Phil Rogers will take over the role starting in August 2025.
Embracer, which manages iconic franchises including The Lord of the Rings, Dead Island, Metro, and Tomb Raider, has navigated considerable change in recent years. Following major acquisitions such as the purchase of Middle-earth Enterprises and Gearbox Entertainment, the studio behind Borderlands, Embracer faced instability after a planned $2 billion partnership with Savzy Games Group collapsed. Subsequently, the company shut down Saints Row developer Volition Games, divested Gearbox, parted ways with Saber Interactive (developer of Space Marine 2), and executed widespread layoffs affecting thousands. Wingefors described the backlash and criticism stemming from these missteps as "deeply painful."
In April 2024, Embracer announced a plan to divide itself into three distinct entities: Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends, aiming to “unlock the full potential of each business unit under dedicated leadership and tailored strategic direction.” The restructuring led to 1,387 job losses and the cancellation of 29 unannounced projects. More recently, the group revealed plans to spin off 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 the current chair, Kicki Wallje-Lund, transitions to deputy chair. Wingefors will also serve as a director of the newly formed Coffee Stain Group.
"As we begin this next chapter, I'm grateful for the years spent and lessons learned as Embracer's CEO," Wingefors stated. "The journey hasn't always been smooth, yet I take immense pride in what our talented teams have accomplished, delivering unforgettable gaming experiences to players worldwide.
"This new role enables me to concentrate on strategic growth, mergers and acquisitions, and capital management, laying the groundwork for Embracer’s long-term success. I remain convinced our brightest days lie ahead. Having collaborated closely with Phil recently, I have full confidence in his leadership and look forward to our continued partnership as we enhance value and drive the business forward."
Looking ahead, Embracer maintains ownership or control of more than 450 gaming franchises through a vast network of subsidiaries, such as THQ Nordic, Plaion, Coffee Stain, Amplifier Game Invest, DECA Games, Dark Horse, Freemode, and Crystal Dynamics – Eidos. The group operates 73 internal development studios and employs more than 7,000 people globally.
