Richard “FaZe Banks” Bengston has been named the new CEO of FaZe Clan, the wide-ranging gaming and content organization. Banks was one of the original founders of the company and returns to a prominent position. This follows the acquisition of FaZe by the parent company of fellow esports org Complexity. Additionally, Banks’ fellow co-founders, Temperrr and Apex, will return as President and COO respectively. Additionally, the move comes after longtime CEO Lee Trink was removed in September. The acquisition of FaZe Clan by GameSquare is expected to be finalized by the end of the year. GameSquare will own 53% of the company while FaZe Clan will retain 47% ownership.
“Joining forces with GameSquare creates greater scale and exciting opportunities in the emerging market for gaming and youth culture. The strength of the FaZe brand and GameSquare’s infrastructure are a powerful combination that will enable FaZe shareholders to benefit from the combined company’s long-term value creation potential,” said interim CEO Christoph Pachler.
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FaZe Banks Confident Of Returning Company To Glory Days
“I’m confident that with Tommy, Apex and me back in charge of the brand, FaZe Clan will get back to where it was in its peak years. We grew up on the internet and understand this brand better than anyone ever could. We are grateful to have found a partner in GameSquare who sees that value in us and can help execute our vision. We’re going to produce first, talk later,” Banks said of the move.
It’s been a rough couple of years for the org that predominantly runs teams in CS:GO, VALORANT, Call Of Duty, and Rainbow Six Siege. Going public on the stock market tanked the company’s value. Furthermore, the company was removed after stock prices failed to remain above $1. Meanwhile, there have been very public sexual harassment, homophobia, and crypto scam scandals at the company. However, with one of the major criticisms in recent years being the lack of input from the original founders, maybe this is the move to turn the brand around.
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