Embracer CFO and deputy CEO to depart after five years

Embracer CFO and deputy CEO Johan Ekstrom is stepping down after five years, and the company already has his replacements lined up.

Deputy CFO Muge Bouillon will be appointed CFO on September 1, 2024. Crystal Dynamics CEO Phil Rogers, who was recently named leader of Embracer's newly-formed Middle-earth Enterprises and Friends business, will take on the role of deputy CEO of Embracer on June 1, 2024. Both Bouillon and Rogers will serve as members of the executive management team.

Ekstrom will officially depart on March 31, 2025. After assisting with the leadership transition he will focus on helping Embracer realize its plan to separate into three companies.

Major changes for Embracer

Embracer CEO Lars Wingefors thanked Ekstrom for his contributions over the years, but said his predecessor has already accumulated "vast" amounts of experience.

"I want to thank Johan for his significant work and contribution to the development of Embracer as we see it today. He has played an instrumental role in developing and implementing the strategy we embarked on in 2016 as well as achieving the targets set out in the recently concluded restructuring program," said Wingefors.

"At the same time, I am excited to welcome Müge Bouillon as the new permanent CFO for the group from September. Müge already plays a very important role in the company in her role as Deputy CFO, including in the execution of the restructuring program and in the process to separate Embracer into three publicly listed companies. She brings vast, international CFO experience and will be a strong addition to our team during this crucial period for the company."

Embracer is currently splitting its business into three separate entities: Asmodee, Coffee Stain & Friends, and Middle-earth Enterprises & Friends. The move comes after months of upheaval within Embracer that saw the conglomerate sanction mass layoffs, project cancellations, studio closures, and huge divestments.