Mike Richardson, founder and Publisher of Dark Horse Comics, has been removed from his position at the company. Embracer exec Jay Komas, head of the Middle Earth Group (the Embracer division in which Dark Horse was located) will take over as interim CEO for the short term until a new CEO can be selected.

The move might be startling to outsiders, but it all adds up. Embracer, the parent company of Dark Horse, has been in financial distress for a few years, with layoffs and closures across its portfolio of companies, and Richardson sold Dark Horse to Embracer in 2022 for an undisclosed sum, remaining on staff as head of the iconic publishing firm. The trouble with selling your company to somebody else is that you know work for them instead of yourself, and you continue in your position at their whim. It’s perfectly possible to be pushed out of your own company under such circumstances, and that appears to be exactly what happened to Richardson.

In a statement from Dark Horse vice president of product development and sales Randy Lahrman, the move was explained as allowing for:

“changes to modernize the business and strengthen collaboration across publishing, games, film, merchandise, and other key areas.” The statement, sent by Dark Horse’s vice president of product development and sales, Randy Lahrman, stresses this leadership change was done in order to “better align Dark Horse within a more connected and forward-looking group structure” within Embracer.

“Our goal is simple: to ensure Dark Horse is positioned for sustained success while continuing to serve creators, partners, and fans at the highest level,” writes Lahrman. 

Seeing Richardson go is still something of a shock, since he is one of the foundational publishers of the modern age of comicbook publishing. The entire body of work for which Dark Horse has been responsible shows Richardson’s vision and guidance. Dark Horse has brought us some of the most important creator-owned titles, including Hellboy and Sin City, and recently the Black Hammer universe. Dark Horse also jumped into publishing manga before most other American publishers. Richardson pioneered the comics-to-publisher pipeline by getting producer credits on Time Cop, The Mask and many other films, and set a standard for licensed titles including Star Wars, Terminator, Avartar – the Last Airbender and many more such. Much of the popular culture transition into retail and high end collectables begain with Dark Horse. The company recently announced the acquisition of Terry Moore’s Abstract Studios and Jonathan Hickman’s 3 Worlds/3 Moons, and gave the appearance of ramping up their business again.

Embracer got Dark Horse in 2022 during a spending spree, having gotten a billion dollars from the Saudi Arabian investment company Savvy Games Group. Shortly after that, though, another promised two billion in investment never happened. Imagine launching your rocket only to be told that only one of your three booster rockets had ignited. Embracer compensated by restructuring over years, trying to adjust their growth expectations to match their new reality.a years long restructuring. 

In 2024, they split into three divisions, with Dark Horse joining  the “Middle Earth Group” consisting of various game developers and IP including Lord of the Rings and Tomb Raider. Since then they’ve been doing corporate juggling, still suffering the far-reaching effects of the missing two billion in investment funds. Dark Horse was spared most of that, but their VP of Marketing Cara O’Neill was let go last fall, and she was considered a pillar of the company. Now, with Richardson’s departure, the pole holding up the center of the tent has been taken out. Now the future of Dark Horse appears to be more about managing the intellectual property it already has rather than developing new things. The venerated company appears to be in decline. We’ll see.

Here’s the full statement from Dark Horse:

As part of our long-term vision to better align Dark Horse within a more connected and forward-looking group structure, we are implementing changes to modernize the business and strengthen collaboration across publishing, games, film, merchandise, and other key areas. Our goal is simple: to ensure Dark Horse is positioned for sustained success while continuing to serve creators, partners, and fans at the highest level.

With this in mind, Jay Komas has stepped into the role of Interim CEO at Dark Horse. Jay brings extensive experience with global intellectual properties across games, film, and consumer products. Over the course of his career, he has held senior leadership roles at Electronic Arts, Activision Blizzard, and LucasArts, where he worked with some of the most recognized entertainment brands in the world. His background in managing and expanding IP across multiple categories will be instrumental as we build on Dark Horse’s legacy and strengthen its position in an increasingly connected entertainment landscape.

Please be assured that Dark Horse remains fully committed to working closely with you and to creating the very best products and experiences for fans worldwide. Our partnerships are central to everything we do, and this transition is designed to enhance collaboration, unlock new opportunities, and support long- term growth together.

In closing, it is important to recognize Mike Richardson’s extraordinary contribution to Dark Horse and the broader comics and entertainment industry. Without his dedication, vision and creative leadership, Dark Horse would not be the company it is today. His impact on creators, stories and fans over the decades has been profound, and we are deeply grateful for the foundation he built.

We look forward to continuing our work together and to sharing more about our plans in the coming months.