Lars Wingefors to Step Down as CEO of Embracer Group

Lars Wingefors, the founder and current CEO of Swedish gaming giant Embracer Group, is slated to step down from his role by August 2025, with Phil Rogers set to succeed him as CEO. Embracer, which owns numerous IPs such as The Lord of the Rings, Dead Island, Metro, and Tomb Raider, has undergone significant turmoil following the collapse of a $2 billion agreement with Savvy Games Group. This has led to studio closures, asset sales, and thousands of layoffs, including the shutdown of Volition Games and the sale of Gearbox. In response, Embracer has initiated a strategic restructuring into three separate entities to better focus on each division's potential: Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends. While Wingefors transitions out of the CEO role, he will continue to influence Embracer's strategic initiatives as the executive chair of the board. Embracer's vast network includes over 450 franchises and 73 development studios, with more than 7,000 employees. The company remains committed to leveraging its diverse portfolio of gaming properties to drive future growth.