Embracer CFO Set to Exit as ‘Lord of the Rings’ Owner Reports Rise in Operating Profit, Drop in Entertainment Division Sales
variety.comK.J. Yossman “Lord of the Rings” owner Embracer Group delivered a mixed bag during its fourth-quarter 2024 earnings Thursday, revealing that while its adjusted operating profit had risen by 56% to 1.4 billion Swedish krona ($132 million), sales in its entertainment and services division – which currently houses its Tolkien and “Tomb Raider” IP – had dropped by 15%.
The Swedish-based gaming conglomerate also revealed CFO and deputy CEO Johan Ekström is set to step down after five years for personal reasons.
He will stay with the company until next March although from Sept. 1 he will be focused on splitting Embracer into three companies.
Ekström will be replaced as CFO by current deputy CFO Müge Bouillon while Phil Rogers will take on the role of deputy CEO of Embracer in addition to his current roles as CEO of Crystal Dynamics-Eidos and leader of Middle-earth Enterprises & Friends, one of the three new companies that will emerge out of the shell of Embracer.
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