Embracer CEO Phil Rogers didn't win himself many new fans when he said a few years ago that the company's slash-and-burn restructuring, the result of years of hand-over-fist acquisitions that, whoops, it couldn't really afford, was "how we win." This was when Rogers was still Embracer's interim chief strategy officer, prior to his 2025 ascension to CEO, a not-really change in power that saw outgoing CEO Lars Wingefors, the mastermind of Embracer's rise and fall, become its executive chair, a position from which he will focus on "mergers and acquisitions and capital allocation."
Embracer announced the end of that restructuring in March 2024 with the sale of Gearbox, but layoffs and closures have continued more or less apace since then: In October 2025 Embracer sold off Arc Games and Cryptic Studios, for instance, and in March 2026 it laid off 124 people at Eidos Montreal, the fourth round of layoffs at the studio since January 2024.
