Update: In a statement sent shortly after publishing, a Gearbox representative sent over the following statement: “There is no validity to this claim, and Randy Pitchford will NOT be stepping down as the CEO of Gearbox Entertainment Company.” See our updated articled HERE.
Back in February, Embracer Group acquired Gearbox Entertainment, bringing an end to the studio’s decades-long independent era. It looks like more changes are in store for the studio, as reportedly Randy Pitchford will be stepping down.
Embracer Group acquired Gearbox Entertainment in a $1.3 billion deal, broken up between a $188 million cash pay out, with an additional $175 million in Embracer Group shares. The rest of the money is tied up in incentives, pushing Gearbox to hit certain targets for major bonuses.
With all of that in place, Gearbox head, Randy Pitchford, has expanded his wealth greatly. According to a source, Pitchford is now in the process of stepping down and a replacement is being discussed. Apparently, Gearbox will be promoting from within, so a current senior executive will likely end up with a new role.
As for Pitchford, he may remain involved with Gearbox. Gearbox and Embracer Group have yet to comment on this publicly.
KitGuru Says: Given the acquisition, it would make sense for Pitchford to step down now that Gearbox ownership has changed hands.