FaZe Clan is one of the most prominent esports organizations in the world, which always seems to be surrounded by some kind of controversy. With a 40 percent staff layoff earlier this year, they were already going through a bad year. But with their continuous dropping in stock prices, the board members of the organization decided to terminate their existing CEO Lee Trink, and replace him with Christoph Pachler as the current Chief Executive Officer alongside his existing roles of Chief Operating Officer and Chief Financial Officer for the time they look for his replacement.
Also Read: Counter-Strike 2 Update Fixes Map Bugs, Tweaks Audio Mix And More
CEO Lee Trink Fired From FaZe Clan
FaZe Clan has certainly seen a better year than this last year as the organization reported a net loss of US$168.5 million for the fiscal year 2022 in March. FaZe's net loss would have been US$53.2 million absent the charge. With $37.2 million in cash and equivalents at the end of 2022, FaZe stated that it thought its cash position was sufficient to cover operating expenses and sustain investment plans through 2023. With the ever-dropping stock prices, FaZe CEO Lee Trink was certainly expected to take some actions to improve their case. So after being the CEO of the organization for almost five years, the company replaced him with the existing COO and CFO Christoph Pachler for the unforeseen future on 10th September 2023.
No official statement has yet been made by the FaZe Clan nor has the exact reason for the sudden termination been given. Social media handles are yet to address the situation. As of now, the company sits on its lowest valued stock ever, possibly on the verge of being delisted as off its 1 billion dollar valuation within just a year.