Snoop Dogg resigns from FaZe Clan’s board of directors after just one year
Twitter, @FaZeCommsSnoop Dogg became an official member of FaZe Clan on March 7, 2022, Joining the Board of Directors.
In an SEC filing for FaZe Clan, the company revealed that Calvin “Snoop Dogg” Broadus, Jr. resigned from the company’s board of directors after one year.
FaZe Clan filed its 2022 Q4 financial results on March 30 and gave people insight into the gaming and lifestyle brand’s business dealings over its first year as a public company. In an April 4 filing, the company also revealed that Snoop Dogg notified FaZe that he is resigning from the board of directors “effective immediately” on March 29.
The SEC filing also says that his resignation was not because of “any disagreement with the company or any of its subsidiaries.”
Snoop Dogg was given almost $2 million in company stock with his board appointment, with some other stock that was divided between his son and manager, per a report from Forbes. The report also said Snoop Dogg’s stock does not vest until next year, by which point it will probably be worth much less than its original valuation as the stock price has plummeted since the company went public.
Snoop Dogg parts ways with FaZe Clan
In FaZe Clan’s letter to shareholders about 2022, getting the California rapper on the board was noted as an “accomplishment” under talent highlights. FaZe announced the rapper’s addition to its board, and as a member of its talent, on March 7, 2022.
Snoop Dogg teased his involvement with Faze in February 2022 by wearing a gold chain with the company’s logo while he performed at the Super Bowl halftime show.
Snoop Dogg has resigned from FaZe Clan’s board of directors, just over a year since joining pic.twitter.com/JpAl1zsmtU
— Dexerto (@Dexerto) April 4, 2023
Faze Clan did not have the best year financially, according to its SEC filings. The company lost $53.2 million and its stock price hit an all-time low at $0.40 per share on March 20. The company also went through a round of layoffs in February 2023.
The company also got a deficiency notice from Nasdaq in 2023 and has 180 days to regain compliance, meaning it must maintain a share price over $1 for 10 consecutive business days, or it will be delisted from the exchange.