Lars Wingefors, the founder of Swedish gaming giant Embracer, is transitioning from his CEO position. Current deputy CEO Phil Rogers will take over the leadership role starting August 2025.

Embracer, known for managing blockbuster franchises like The Lord of the Rings, Dead Island, Metro, and Tomb Raider, has navigated significant transformations. Following major acquisitions such as Middle-earth Enterprises in 2022 and Borderlands creator Gearbox in 2021, the company faced instability after a collapsed $2 billion partnership with Savvy Games Group. Subsequently, Embracer closed Volition Games (developer of Saints Row), divested Gearbox, parted ways with Saber Interactive (developer of Space Marine 2), and implemented widespread layoffs. Wingefors described the fallout from these challenges as "difficult to endure."

In April 2024, Embracer unveiled a strategy to divide 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 the cancellation of 29 undisclosed projects. More recently, Embracer revealed intentions to separate Coffee Stain Group and rebranded its Lord of the Rings division as Fellowship Entertainment.

Wingefors isn't completely severing ties with Embracer—he'll assume the role of executive board chair, with current chair Kicki Wallje-Lund becoming deputy chair. Additionally, Wingefors will join Coffee Stain Group's board as director.

"As this new chapter begins, I'm grateful for the experience gained leading Embracer," Wingefors stated (via GamesIndustry.biz). "While our journey hasn't been without challenges, I'm immensely proud of what our teams have accomplished, delivering unforgettable gaming experiences.

"My new role allows me to concentrate on strategic growth, M&A, and financial planning to sustain Embracer's success. I firmly believe our brightest days are ahead. Having collaborated closely with Phil, I'm confident in his leadership and look forward to working together to drive long-term value."

Moving forward, Embracer holds ownership of more than 450 gaming IPs, with subsidiaries including THQ Nordic, Plaion, Coffee Stain, Amplifier Game Invest, DECA Games, Dark Horse, Freemode, and Crystal Dynamics – Eidos. The company operates 73 in-house game studios with a workforce exceeding 7,000.