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Embracer CEO says its principles won’t change following $1 billion Saudi investment | VGC
“This decision was not taken lightly…
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In a statement posted on the Embracer website, CEO Lars Wingefors attempted to assuage those concerned by stating that the investment wouldn’t have a negative impact on the company’s work.
“I understand and respect that there are different views on this topic,” Wingefors said. “I don’t claim to have the right answers, but I want it to be clear that this decision was not taken lightly.”
He added: “I want to be clear that Embracer will continue to be operated by me, our operative CEOs and management teams across the entire Group.
“Embracer is built on the principles of freedom, inclusion, humanity and openness. The transaction with SGG will not change this in any way.”
“Embracer is still controlled by the people working in our Group. Together, we control a significant majority of the votes in the company.
“SGG will own slightly more than 5 percent of the votes and 8 percent of the capital and they have invested in Embracer because they support our current vision, strategy, and leadership, not to change it.”
Wingefors also stated that he wouldn’t be against SGG’s CEO Brian Ward (who was previously an exec at Activision) taking a seat on the Embracer board, should he wish to.
“Questions have been asked about a potential board seat,” Wingefors said. “Ultimately this is a question for shareholders. However, I think it would be relevant to share my view.
“Brian has a deep industry knowledge that is valuable to Embracer, and I would be supportive if he personally would like to contribute to the board at a later date as long as he is committed to the time needed.
“If not, I look forward to building a strong relationship with SGG regardless. Ultimately this will be a matter for him and the shareholders at the AGM or at a later meeting.”
