GEARBOX VETERAN OF 22 YEARS TO TAKE OVER ROLE FROM RANDY PITCHFORD, WHO REMAINS CEO AND PRESIDENT OF GEARBOX ENTERTAINMENT COMPANY

FRISCO, Texas – October 6, 2021 – Gearbox Entertainment Company today announced that former Chief Technology Officer Steve Jones is now the new President of Gearbox Software, effective immediately. To continue the momentum of Gearbox’s explosive growth this year, Jones takes over the role from co-founder Randy Pitchford, who, in addition to remaining a key driver of creative strategy and development across titles and franchises, will continue to serve as CEO and President of The Gearbox Entertainment Company and President of the newly-formed Gearbox Studios, which will oversee Gearbox’s transmedia work in film and television.

Jones joined Gearbox in May of 1999, having spent his high school and college years building game engine technology as a hobby. His early projects at Gearbox included working on Half-Life: Opposing Force, implementing a client-server networking model for the Halo PC port, and leading the multiplayer code team for the original Brothers in Arms. Jones was then made Technical Director for Borderlands and Borderlands 2. In recognition of his experience, leadership skills, and mentoring abilities, Jones was appointed CTO of Gearbox Software in 2016 and has served as an invaluable part of Gearbox’s Executive Team in the years since. This experience is key to Jones’ new role, in which his oversight will bolster Gearbox’s growth and ability to scale as the company continues to expand its portfolio and footprint.

“Having had the pleasure to work with Steve Jones over the past 22 years, I can think of nobody better to lead Gearbox Software,” said Pitchford, who announced the news to the Gearbox team recently. “Steve’s integrity and understanding of the game development process is second to none. He embodies the Gearbox Entertainment Company’s mission to Entertain the World and personifies our Gearbox values.”

“I am thrilled to take the reins of Gearbox Software, humbled to be trusted with this responsibility, and excited to continue working on our already beloved IP and developing new and exciting IP for our community to enjoy,” said Jones. “Gearbox has been my home for more than two decades and we are only continuing to grow and bring even more joy and entertainment to the world.”

As President of Gearbox Software, Jones now leads all production and development activities within the studio, which has multiple AAA games in the development pipeline. Pitchford will continue to lend his institutional knowledge of Gearbox brands and franchises to several creative touch points across the enterprise and maintain hands-on engagement with a myriad of teams and ongoing projects. He will also remain responsible for high-level creative and business strategy, as well as the interaction between Gearbox Entertainment Company’s business units, its Executive Team, and Gearbox’s three studio locations.

Today’s news follows the 2019 appointment of Steve Gibson as President of Gearbox Publishing. The Gearbox Entertainment Company now has three-pillar business units—Gearbox Software, Gearbox Publishing, and Gearbox Studios—operating under closely coordinated leadership.

About Gearbox Entertainment:

Gearbox Entertainment Company is a Frisco, Texas-based award-winning, developer and publisher of interactive entertainment. It was founded in 1999 by game industry veterans, and its first release was Half-Life: Opposing Force. Since then, the company has become known for successful game franchises including Borderlands, and Brothers in Arms, as well as acquired properties Duke Nukem and Homeworld. The Gearbox Entertainment Company is a proud member of the Embracer Group AB family of companies, which is publicly traded at Nasdaq First North (EMBRAC B). For more information, visit www.gearbox.com.