Embracer Group recently completed its restructuring by splitting into three different companies. In addition, CEO Lars Wingefors acknowledged a long list of errors in an interview.
After years of buying up studios and numerous brands, the Embracer Group introduced 2 billion deal collapsed In 2023, the media group slipped into financial difficulties. To get the company back on track, Embracer Group initiated extensive restructuring.
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In the course of the measures were laid off more than 1,400 employeesprojects discontinued, well-known studios like Volition (“Saints Row”) closed and branches like Saber Interactive or Gearbox software released into independence or sold. In the final step, those responsible divided the Embracer Group into three individual companies all of which are listed on the Stockholm Stock Exchange.
In a recent interview, Embracer CEO Lars Wingefors faced critical questions and admitted that his company “made a whole series of mistakes” in the past. A development in which he was by no means innocent, as Wingefors admitted.
Embracer trusts in its new structure
Commenting on the developments of the last few months, Wingefors said: “As a manager and owner, you sometimes have to take the blame and be humble when you have made mistakes and could have done something differently. I’m sure I deserve a lot of criticism, but I don’t think my team or my companies deserve all that criticism.”
“I could take a lot of that blame. At the end of the day, I have to believe in the mission we set out to do, and it still stands. And now we enable that through this [neue] Structure,” Wingefors added.
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At the same time, he pointed out that, in his opinion, he continues to enjoy the trust of the companies and their CEOs that have joined the Embracer Group in recent years.
Wingefors speaks of a difficult time
Despite everything, the developments of the past few months have of course left their mark, as Wingefors concluded. “I still feel like I have the trust of many, if not all, of my key entrepreneurs and CEOs who have joined the group,” said Wingefors.
“It was difficult, but I think they all believed in Embracer's mission. They also understand that the world has changed, we have to adapt.”
“It is painful. We can't make all the games we wanted to make three years ago. We have to adapt to that. We will continue to make games. We still have one of the largest, if not the largest, games pipeline in the industry,” concluded Embracer Group CEO.
“And we have great plans for the coming years or decades.”
Source: Video Games Chronicle
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