Lars Wingefors, founder of Swedish gaming giant Embracer Group, will transition from his CEO role in August 2025. Current deputy CEO Phil Rogers is slated to succeed him.
The entertainment conglomerate behind iconic franchises like The Lord of the Rings, Dead Island, Metro, and Tomb Raider has weathered significant turbulence in recent years. Following major acquisitions including Middle-earth Enterprises and Gearbox Entertainment (creator of Borderlands) in 2022 and 2021 respectively, Embracer faced upheaval when a planned $2 billion deal with Savvy Games Group collapsed. This triggered a series of restructuring moves: shutting down Volition Games (Saints Row developer), divesting Gearbox, separating from Saber Interactive (developing Space Marine 2), and eliminating thousands of positions. Wingefors described the criticism surrounding these decisions as "painful."
April 2024 marked a pivotal shift when Embracer revealed plans to reorganize into three independent entities: Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends – aiming to empower each division with autonomous leadership and strategic focus. This restructuring led to 1,387 job cuts and cancellation of 29 unannounced projects. The company later announced intentions to spin off Coffee Stain Group and rebranded its Tolkien-themed division as Fellowship Entertainment.
Though relinquishing his CEO title, Wingefors will remain involved as executive board chairman, with current chair Kicki Wallje-Lund assuming deputy chair duties. He'll also join Coffee Stain Group's board as director.
"Transitioning into this new chapter, I'm grateful for my tenure as Embracer's CEO and the invaluable lessons learned," Wingefors stated (via GamesIndustry.biz). "While our journey encountered challenges, I take immense pride in what our gifted teams have accomplished, delivering exceptional gaming experiences."
"My new role enables focused attention on strategic growth, M&A, and capital deployment to sustain Embracer's upward trajectory. Having collaborated extensively with Phil, I'm confident in his leadership and look forward to our continued partnership in driving long-term value."
Despite recent consolidation, Embracer maintains an expansive portfolio of 450+ franchises through subsidiaries including THQ Nordic, Crystal Dynamics-Eidos, Dark Horse, and numerous others. The company currently operates 73 development studios with a workforce exceeding 7,000 globally.
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