Faze Clan fires CEO as esports industry struggles
Faze Clan fires CEO as esports industry struggles
CFO Christoph Pachler will take over on an interim basis.
is this interesting to people? i’m genuinely curious.
23I'm interested to see it took this long tbh
13Just watched a video about FaZe Clan. Used to be a relatable gaming group mostly on Call of Duty during the early rise of online gaming content— some of the first to use capture cards to record gameplay and upload raw footage or cut compilations on YouTube. Far as I understand people liked them because they were relatable but as the money started flowing they became highly corporate and influencer-like, getting streamer houses and stuff like that, and so people started noting a disconnect and stopped caring. FaZe has been clawing to stay relevant for a years now so it’s kind of interesting to see where they’ll go from here.
9Tbh the only reason I've got an ounce of care about FaZe is because their CSGO team is pretty cool. The "clan" itself is just this weird baggage that comes with the name.
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It’s vaguely fun schadenfreude if you follow the space closely.
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This is the best summary I could come up with:
Faze Clan, a merchandising and influencer marketing agency that was once synonymous with the esports space, has fired CEO Lee Trink.
The firm maintained teams across many different esports titles, created gaming-adjacent content for social media platforms like Twitch and Snapchat, and sold branded apparel.
But Faze Clan has faced large losses under Trink’s leadership, including a reported $48.7 million from operations last year, per Bloomberg.
By the end of 2021 (the year when Trink began floating the idea, internally, of taking the company public), Faze Clan had more than $70 million in debt.
Seven former employees who spoke to Bloomberg described “a mismanaged organization marked by poor spending decisions, excessive pay and expansion into unprofitable categories like esports.” Notably, the company rented a series of luxury properties that incurred costs as high as $60,000 per month.
Most notably, the company drew criticism over its contract work with English YouTuber Sam Pepper, who has faced multiple accusations of sexual harassment.
The original article contains 413 words, the summary contains 160 words. Saved 61%. I'm a bot and I'm open source!
6Permanently Deleted
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