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, ushering in a new chapter for the organization.
Embracer, known for managing major intellectual properties such as The Lord of the Rings, Dead Island, Metro, and Tomb Raider, has undergone significant transformation in recent years. The company made headlines with high-profile acquisitions, including the purchase of Middle-earth Enterprises and Borderlands developer Gearbox. However, turbulence followed when a planned $2 billion investment from Savvy Games Group collapsed, triggering a wave of restructuring. This period saw the closure of Volition Games, the sale of Gearbox, a separation from Saber Interactive—the studio behind Space Marine 2—and widespread layoffs affecting thousands across its network.
Wingefors acknowledged the challenges, describing the criticism surrounding these decisions as "painful," yet emphasized the resilience and creativity of Embracer’s teams.
In April 2024, Embracer announced a major strategic shift: splitting into three independent entities—Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends—aimed at empowering each division with dedicated leadership and strategic autonomy. This reorganization resulted in 1,387 job losses and the cancellation of 29 unreleased projects. More recently, the company revealed plans to spin off Coffee Stain Group and rebranded its Lord of the Rings-focused arm as Fellowship Entertainment.
Wingefors will remain deeply involved in Embracer’s future, transitioning to the role of executive chair of the board, succeeding Kicki Wallje-Lund, who will now serve as deputy chair. Additionally, Wingefors has been appointed director of Coffee Stain Group, underscoring his ongoing influence across Embracer’s evolving structure.
"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. With 73 internal development studios and over 7,000 employees worldwide, the company remains a major force in the global gaming industry.
Embracer's Lars Wingefors is stepping down. Image credit: Embracer.
