Is FaZe Banks becoming the new FaZe Clan CEO? Esports organization's takeover explored

GameSquare is acquiring FaZe Clan, formerly valued at $1 billion, in an all-stock transaction after the esports organization's share price suffered due to accumulating losses. Adding to the interest, the founders of the company have actively taken the lead in facilitating this deal. As a result, they are set to rejoin as board members.

Richard "FaZe Banks" is set to assume the role of FaZe Clan CEO. The organization will continue to function as a wholly-owned subsidiary and maintain its independence within GameSquare.

What are the new roles of FaZe Clan members Banks, Temperrr and Apex?

In a significant development, FaZe Clan's original founders, namely Richard "FaZe Banks," Yousef "FaZe Apex," and Thomas "FaZe Temperrr," are making a triumphant return to take the reins of the organization. This leadership shift comes on the heels of GameSquare Holdings' successful acquisition of the renowned esports entity.

FaZe Clan, once appraised at a staggering billion-dollar valuation, is now reportedly being acquired for approximately $17 million, per Bloomberg. It's worth noting that this figure has yet to be officially confirmed, but it represents a significant shift in the organization's financial standing.

FaZe Banks, a prominent content creator, YouTuber, and gamer, is poised to assume the role of CEO. FaZe Temperrr, who recently ventured into the YouTube boxing scene, will take on the role of president. Meanwhile, FaZe Apex is set to make his return as the Chief Operating Officer (COO).

Here's what FaZe Banks said about the situation (transcript via gamesquare.com):

"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."

This comprehensive reshuffling of leadership positions illustrates a profound shift in the management and strategy of the organization as it moves forward.