FaZe Clan’s Board of Directors has terminated the contract of CEO Lee Trink, effective immediately, as the company nears potential Nasdaq delisting in light of its dwindling stock price.
There’s no two ways about it, 2023 has been a rough year for FaZe Clan. From public scuffles with founding members to mass layoffs and the ever-declining stock price, the company has certainly seen better days.
Now, the longstanding esports and gaming entertainment brand has been hit with another shakeup. As announced on September 10, the Board of Directors has removed Lee Trink from his position as Chief Executive Officer of the company.
Trink had been involved with FaZe Clan since 2016 and served as CEO for five of those seven years.
CEO Lee Trink terminated from FaZe Clan
Trink’s termination from FaZe Clan is effective immediately. The now-former CEO is also required to submit his resignation as a member of the company’s Board of Directors.
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As the company seemingly looks for a suitable replacement, current Chief Operating Officer and Chief Financial Officer Christoph Pachler will serve as interim CEO. Pachler has been with FaZe for 13 months, having previously worked for Sony and Playboy.
An exact reason for the sudden executive shakeup has not been provided. FaZe Clan itself is yet to address the departure of its CEO in a public matter on social media at the time of writing.
This shift comes months after the company dropped a reported 20% of its workforce, totaling up to 120 employees. The company also sits with its lowest stock price to date, facing potential delisting just one year removed from its $1 billion valuation.
