Embracer founder cedes CEO role amid strategic breakup

Embracer Group announced its co-founder Lars Wingefors will step down as CEO as part of a major strategic overhaul that will see the video game holding company split into three separate entities.

Phil Rogers, the current deputy CEO, will take over the chief executive role effective August 1, 2025, the company said Tuesday.

Wingefors is proposed to become the Executive Chair of the Board at the company's annual general meeting in September, where he will concentrate on strategy, mergers and acquisitions, and capital allocation.

"This new phase allows me to focus on strategic initiatives, M&A, and capital allocation, ensuring Embracer's continued growth and success," Wingefors said in a statement.

The leadership change is the latest step in Embracer's previously announced plan to transform into three standalone publicly listed companies.

The company reiterated its intention to spin off its Coffee Stain Group unit by the end of 2025, after which Embracer intends to rebrand as Fellowship Entertainment.

Rogers currently also serves as CEO of the company's Crystal Dynamics – Eidos operative group.

Current Board Chair Kicki Wallje-Lund is proposed to become Deputy Chair, according to the company.