Embracer’s CEO Talks Restructuring and Future Trust in the Gaming Industry
Embracer Group has seen quite a rollercoaster ride over the past few years, and the new CEO, Phil Rogers, is stepping into the spotlight with some ambitious plans. Remember when he mentioned that the company’s aggressive restructuring was “how we win”? Well, that was back when he was just the interim head of strategy, and now he’s taking on the CEO role following Lars Wingefors’ transition to executive chair. Wingefors, the architect behind Embracer’s meteoric rise and subsequent fall, will now focus on mergers, acquisitions, and capital allocation as part of his new role.
Fast forward to March 2024, and Embracer announced the conclusion of its extensive restructuring process with the sale of Gearbox. But the company isn’t out of the woods yet; even after that announcement, layoffs and studio closures have been a persistent theme. Just last October, they sold off Arc Games and Cryptic Studios, and in March 2026, Eidos Montreal saw 124 employees let go, marking the fourth round of layoffs for them since January 2024.
On top of that, Embracer has undergone three major restructures in just a couple of years. They split into three publicly listed companies: Asmodee Corp, Coffee Stain & Friends, and Middle-Earth Enterprises & Friends in April 2024. The Coffee Stain group was spun off in May 2025, and the Middle Earth group rebranded to Fellowship Entertainment. As of last month, Fellowship is now its own publicly listed entity. Talk about a busy schedule!
In a recent chat with The Game Business, Rogers expressed his hope that the “trust” in Embracer is on the upswing, despite the company’s rocky past. He described the whole experience as humbling and recognized the need for reflection on how the gaming industry has evolved. While it’s easy to critique with the benefit of hindsight, he acknowledged that many in leadership were caught off guard by the industry’s shifts, especially during the COVID-19 pandemic when gaming surged due to lockdowns. But now that life is returning to normal, players are spending more time outdoors, which has impacted the industry.
Rogers seems determined to improve Embracer’s image over the next few years. He stated, “Whatever the trust score is today, I want it to be better in one, two, or five years.” He recognizes that many companies go through tough patches, reassess their strategies, and emerge stronger, and he’s hopeful Embracer can follow that path.
Of course, Embracer has made a pretty big mess of things, but it’s not alone in facing challenges as the gaming industry grapples with layoffs and cancellations across the board. Whether things will improve soon remains uncertain, and the definition of “better” can vary widely. Rogers believes that just throwing more money at problems won’t necessarily lead to more fun in gaming, but he’s keen on finding ways to manage costs—perhaps through AI tools and development in more affordable regions. Plus, he hasn’t ruled out new mergers and acquisitions, always with “learnings” from past misadventures.
As the gaming world keeps evolving, it’ll be interesting to see how Embracer navigates its future. Will they regain the trust of gamers and partners alike? Only time will tell!