Embracer’s CEO Transition: What’s Next for the Company?

Big changes are on the horizon for Embracer Group. Lars Wingefors, the co-founder who navigated the company through its aggressive acquisition strategy and recent turbulent layoffs, is set to step down as CEO. Effective August 1, Wingefors will transition to the role of executive chair of the board, where he’ll concentrate on strategic initiatives, mergers and acquisitions, and capital allocation.

Phil Rogers, the current CEO of Crystal Dynamics and Eidos, is slated to take the reins at Embracer starting in August. Having led Eidos since 2008 and the entire western business of Square Enix from 2009 to 2022, Rogers brings significant experience to this pivotal role.

Wingefors’ departure isn’t simply a routine shift; it comes on the heels of a challenging period for Embracer. The company recently faced backlash after several high-profile closures and layoffs followed a disastrous $2 billion deal that fell through in May 2023.

This decision has not been without controversy. Embracer’s restructuring led to almost 1,400 job cuts and the cancellation of numerous titles, including the closure of beloved studios like Volition, Campfire Cabal, and Free Radical Design—responsible for classic franchises like Saints Row and others.

In light of the backlash, Wingefors expressed that a considerable amount of the criticism directed at him was warranted. “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,” he shared with GI.biz last year.

Reflecting on this transition, Wingefors has acknowledged his pride in the accomplishments made during his tenure. “While the road has not always been straight, I am incredibly proud of the achievements made possible by our talented teams,” he remarked.

Moving forward, Wingefors is keen to focus on the firm’s future. “This new phase allows me to focus on strategic initiatives, M&A, and capital allocation, ensuring Embracer’s continued growth and success. I am more convinced than ever that the best is still ahead of us,” he stated.

With years of close collaboration, Wingefors has voiced confidence in Rogers’ abilities. He looks forward to a continued partnership in strengthening the business and creating value for the community of gamers and its stakeholders.