Embracer co-founder Lars Wingefors is stepping down as CEO, with current deputy CEO Phil Rogers taking over the role in August 2025.
Rogers joined Embracer in 2022 after the firm acquired Eidos Montreal. Prior to taking on the position of CEO, Rogers was also boss of Crystal Dynamics and Plaion.
Wingefors is set to remain at Embracer, having been proposed to take on the position of executive chair of the board. Current chair of the board Kicki Wallje-Lund is proposed to be deputy chair of the board.
Wingefors will also be appointed director of Coffee Stain Group alongside the division’s CEO and co-founder Anton Westbergh. Embracer noted that “additional directors will be appointed to the spin-off of Coffee Stain Group and no later than in August 2025”.
Current Embracer group financial director Erik Sunnerdahl will be appointed CFO of Coffee Stain Group.
Last month, Embracer announced it would spin-off Coffee Stain Group last into a “standalone group of community-driven game developers and publishers” by the end of the year.
It will consist of “more than 250 passionate game developers and publishers, focused on community driven experiences” including Coffee Stain, Ghost Ship, and Tuxedo Labs.
“With the start of this new phase, I am thankful for the years and lessons learned as CEO of Embracer,” said Wingefors.
“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, M&A, and capital allocation, ensuring Embracer’s continued growth and success.”
He continued: “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.”
Wingefors became CEO of Embracer following THQ Nordic’s rebrand in September 2019.
He oversaw major expansion at Embracer, which included the acquisitions of Gearbox for $1.3 billion, Saber Interactive for $525 million, and Crystal Dynamics for $300 million, as well as the €2.75 acquisition of tabletop games publisher Asmodee.
However, a nine-month restructuring program was implemented in 2023 after a $2 billion deal with Savvy Games Group – the publishing and esports firm owned by Saudi Arabia’s Public Investment Fund – collapsed.
This restructuring program resulted in the loss of 1,400 jobs and the closure of three studios. Gearbox and Saber Interactive have since been sold, while Asmodee was spun off alongside Coffee Stain and Fellowship Entertainment.
There have also been layoffs at Eidos-Montreal and Crystal Dynamics since this restructuring program ended.
Speaking to GamesIndustry.biz, Wingefors responded to the criticisms regarding the restructuring program and subsequent layoffs and studio closures.
“As a leader and an owner, sometimes you need to take the blame and you need to be humble about if you’ve made mistakes and if you could have done something differently,” he explained.
“I’m sure I deserve a lot of criticism, but I don’t think my team or companies deserve all the criticism. I could take a lot of that blame myself.
“But ultimately, I need to believe in the mission we set out and that is still valid, and we are now enabling that by doing this [new] structure.”