Lars Wingefors Steps Down as Embracer CEO Amid Restructuring; Phil Rogers to Lead From August 2025
- Sagar Mankar
- Jun 12
- 3 min read
Embracer Group, the sprawling Swedish gaming conglomerate behind franchises like The Lord of the Rings, Tomb Raider, and Dead Island, is entering a new era.
Lars Wingefors, co-founder and long-time CEO, is stepping down from his role, with Phil Rogers—the company’s current deputy CEO—set to take over in August 2025.
While Wingefors will relinquish day-to-day control, he’s not leaving the company entirely. He will transition to executive chair of the board, taking on a more strategic role that focuses on mergers and acquisitions (M&A), capital allocation, and long-term business direction.
A Tumultuous Few Years at Embracer
Wingefors' departure as CEO comes after a rocky chapter for Embracer. Following a spree of major acquisitions—including Middle-earth Enterprises, Gearbox Entertainment, Saber Interactive, and Crystal Dynamics—the company’s trajectory was dramatically altered when a $2 billion deal with Saudi-backed Savvy Games Group collapsed in 2023.
The fallout was severe:
Over 1,400 jobs lost
29 unannounced projects canceled
Studio closures including Volition (makers of Saints Row)
Sales of Gearbox and Saber Interactive
Layoffs at Eidos-Montreal and Crystal Dynamics
In April 2024, Embracer announced a bold three-way split, breaking the company into:
Asmodee Group – tabletop gaming giant
Coffee Stain & Friends – creators of Goat Simulator and Deep Rock Galactic
Middle-earth Enterprises & Friends – home to Embracer’s high-profile IPs including The Lord of the Rings
Each entity would operate with its own leadership and strategy, a move meant to “unleash the full potential” of Embracer’s sprawling network of developers and publishers.
Who is Phil Rogers?
Incoming CEO Phil Rogers joined Embracer in 2022 through the acquisition of Eidos Montreal. He previously led Crystal Dynamics and Plaion, two major studios under the Embracer umbrella.
Wingefors praised Rogers in a statement to GI.biz:
“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.”
Strategic Focus: Coffee Stain, Fellowship, and Beyond
The Embracer evolution is far from over. Coffee Stain Group—known for its quirky, community-driven games—is preparing to be spun off by the end of 2025. Wingefors will serve as a director of the standalone Coffee Stain Group, working alongside its CEO Anton Westbergh. The group will include studios such as Ghost Ship Games (Deep Rock Galactic) and Tuxedo Labs (Teardown), with over 250 developers.
The Lord of the Rings business was also rebranded to Fellowship Entertainment, further signaling Embracer’s intent to transform its entertainment divisions into more independent powerhouses.
Wingefors Reflects
Despite the challenges, Wingefors remains optimistic:
“While the road has not always been straight, I am incredibly proud of the achievements made possible by our talented teams. This new phase allows me to focus on strategic initiatives, M&A, and capital allocation, ensuring Embracer's continued growth and success.”
He also addressed past criticism head-on:
“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... we are now enabling that by doing this new structure.”
Embracer’s Footprint Today
Even after downsizing, Embracer remains a massive force in the gaming industry:
450+ owned or controlled franchises
73 internal development studios
7,000+ staff globally
Subsidiaries include THQ Nordic, Plaion, DECA Games, Dark Horse, Amplifier, Freemode, and Crystal Dynamics – Eidos
With a new leadership structure, a leaner organization, and major IPs still under its wing, Embracer is banking on long-term growth and stability. Whether this gamble pays off will likely define the next chapter of the company’s ambitious journey.
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