Embracer Group’s COO Has Left the Company

The Swedish conglomerate's COO revealed the news on his LinkedIn account.

Embracer Group's COO Has Left the Company

SUMMARY

  • Embracer Group's COO, Egil Strunke, confirmed his departure.
  • He took to LinkedIn to formally announce it.
  • Embracer Group announced a restructuring in June.
  • This led to it closing studious, canceling projects, and laying off staff.
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Embracer Group is a Swedish game and media holding company that owns many major gaming studios like Amplifier Game Invest, Asmodee, CDE Entertainment, Coffee Stain Holding, Dark Horse Media, et cetera. The company also owns Embracer Freemode’s subdivisions.

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Embracer Group also announced the appointment of an interim COO; former Saber Interactive CEO Matthew Karch undertook the position. Strunke made this announcement on his LinkedIn profile and even mentioned his plans for the future. The former COO is now keen to establish his own company.

CDE Entertainment is one of the parent companies of the reputed game developer studio Crystal Dynamics, which is well known for games in the Tomb Raider series.

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Embracer Group’s COO, Egil Strunke, shared that he had parted ways and had mixed feelings about his departure. In June 2023, the conglomerate announced a restructuring after a massive two-billion-dollar deal collapsed. This led to many studios owned by Embracer announcing layoffs following a restructuring.

This includes Gearbox Publishing and Crystal Dynamics. Embracer also closed some of its studios and canceled several projects.

The Announcement Made by Former COO of Embracer Group, Egil Strunke

Embracer Group  owns the iconic action-adventure franchise Tomb Raider.
Embracer Group owns the iconic action-adventure franchise Tomb Raider.

The announcement was made by Strunke on his LinkedIn profile, which can be read here. The former Embracer COO stated:

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Last week I left Embracer Group as COO, and it’s with mixed feelings I am parting ways this global company phenomenon, rooted in Karlstad, Sweden.

He continued:

On one hand grateful for having had the chance to work with the one-of-a-kind Lars Wingefors and all the other AMAZING colleagues (too many to mention!) which I will be sad to leave.

Talking about his plans for the future, Strunke mentioned:

On the other hand excited about the opportunities that lie ahead – starting and building my own company: Strunke Games.

Egil Strunke had been with Embracer Group for eight years. His first spell ranged from 2011 to 2014, and the second one was from 2019 to 2023. It has been a challenging year for video game companies, and Embracer is no exception.

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In June 2023, a major $2 billion deal collapsed for the company, which resulted in the company adopting a different strategy. Shares in the company also plummeted by 40%, which is more than significant. The announcement in June came from the company’s CEO, Lars W”ngefors.

As per Wingefors, the new restructuring maneuver would help Embracer become “leaner, stronger and a more focused, self-sufficient company.”

Recent and Upcoming Projects by Embracer Group

One of the games Embracer Group is working on is rumoured to be a Deus Ex game.
One of the games Embracer Group is working on is rumored to be a Deus Ex title.

Embracer Group is behind some very well-known franchises when it comes to the gameverse. Notable ones include Borderlands, Middle-Earth, Darksiders, Metro, Moto GP, Ride, and Saints Row.

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Recent projects by companies under the Embracer Group include Remnant II, Dead Island 2, and Payday 3. In the financial report for Embracer Group Interim R PORT Q1 FY 23/24, which is the latest financial report released by the company, it was stated that its net sales increased by 47% compared to Q1 FY 22/23.

As per the reports, Remnant II sold over one million copies within the first four days. Dead Island 2 was also prosperous, with over two million units sold within the first month. Payday 3 also sold well. In September 2023, it became the fifth and sixth bestselling game in the United States and the United Kingdom, respectively.

Despite this, the game got off to a rocky start due to several issues, including server failure. The game seems to be in much better condition, thanks to the first title update.

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As per reports, many studios owned by Embracer Group are working on various titles, including an untitled Tomb Raider and Warhammer 40,000: Space Marine 2. One of Embracer Group’s studios is also rumored to be working on a new Deus-Ex.

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Written by Sparsh Jaimini

Articles Published: 454

Sparsh Jaimini Sharma is a video games enthusiast and a Games Writer. A true white-blooded Madridsta. He is often seen grinding away at EAFC 24's Ultimate team and learning to code when he is not writing. A Batman fan and Arkham Games connoisseur. He is the quintessential DC aficionado.