Lars Wingefors, founder of Swedish gaming giant Embracer, is stepping down as CEO, marking the end of an era for the company he built into a global powerhouse. Phil Rogers, the current deputy CEO, will take over the role starting August 2025.
Embracer, the parent company behind major franchises such as The Lord of the Rings, Dead Island, Metro, and Tomb Raider, has undergone significant transformation in recent years. Following high-profile acquisitions including the purchase of Middle-earth Enterprises and Borderlands developer Gearbox in 2022 and 2021 respectively, the company faced major setbacks—most notably when a planned $2 billion investment from Savvy Games Group collapsed. In the aftermath, Embracer made sweeping changes: shuttering Saints Row studio Volition Games, selling Gearbox, separating from Space Marine 2 developer Saber Interactive, and implementing widespread layoffs across its operations. Wingefors described the public criticism surrounding these decisions as "painful."
In April 2024, Embracer unveiled a major restructuring plan to split into three independent entities: Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends. The move aims to empower each division with dedicated leadership and strategic focus. This reorganization led to 1,387 job losses and the cancellation of 29 unreleased projects. More recently, the company announced the spin-off of Coffee Stain Group and rebranded its Lord of the Rings-focused arm as Fellowship Entertainment.
Wingefors will remain deeply involved with Embracer, transitioning into the role of executive chair of the board, succeeding Kicki Wallje-Lund, who will assume the position of deputy chair. Additionally, Wingefors will serve as director of the newly forming 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. "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 ahead, Embracer maintains control over more than 450 franchises and operates through 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 currently supports 73 internal development studios and employs over 7,000 people worldwide.
