Daniel Alegre is leaving the gaming giant to become the CEO of Yuga Labs. Nicole will remain as a strategic advisor.
According to a press release, Nicole, Greg, and I have been looking for someone with Daniel's skills for some time. The company wanted to hire a gaming veteran as CEO to work on projects. Alegre is an executive who oversaw franchises like "Call of Duty" and "World of Warcraft" He was the President of Global and Strategic Partnerships at the time.
Prior to the implosion of FTX and Terra's UST, Yuga Labs raised $450 million from a private equity firm. After last month's FTX bombshell dropped, the price to buy your way into the Bored Ape Yacht Club had decreased. The industry concerns haven't slowed Alegre.
According to Alegre, Yuga Labs has quickly made a name for itself through a powerful combination of stories and community building. The company has a huge opportunity to define the metaverse by providing users with true ownership of their identity and digital assets.
In the past, major gaming executives have jumped over to the new technology. Ryan Wyatt left his position as head of YouTube gaming to become the CEO of Polygon Studios.
The jump from an established executive role into a volatile industry can seem risky. According to a report from the Wall Street Journal, Bobby Kotick knew for years about the rampant sexual harassment at the company. Over the course of a year, employees of the company protested against the company's handling of sexual harassment allegations. Alegre was caught in the crossfire when he was trying to establish two unions.
In October, the National Labor Relations Board (NLRB) found that the company had violated the law by withholding wages from workers who were in the process of unionization. According to testimony, Alegre offered to fly to Wisconsin to speak with the unionized workers. The National Labor Relations Act can prevent this practice from happening. The company denied the accuracy of the complaint due to the fact that the meeting would not address grievances. The meeting didn't happen.
Future ownership of the company is in doubt. One of the most expensive tech acquisitions in history has been made by Microsoft. The Federal Trade Commission is trying to stop the deal.
At the end of March, Alegre's term at the company ends. Alegre will take over in the first half of the next century.
What Yuga Labs wants to build after raising $450M
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