web3 giant Yuga Labs is undergoing a company restructuring that will require it to cut some of its team members, the company said on Friday.
Yuga Labs co-founder Greg Solano, who took office as CEO of Yuga Labs in February, published A company memo announcing the restructuring on social media.
“Today is a really difficult day,” Solano said regarding the restructuring announcement. “I’m passionate about transforming Yuga and getting us back to our roots, and that means making difficult decisions. The hardest one by far is saying goodbye to some talented team members.”
In the memo, Solano said Yuga Labs had “lost its way” and would focus on building a “smaller, more agile, cryptocurrency-based team.”
“Over the past two months, we’ve had to take a real look at how the company is performing,” Solano said. “The creative-first ethos that has guided this company since its inception has been obscured by complex corporate processes. We work hard and care, but we end up in groups and committees. We plan more than we deliver.”
Solana noted that some of the company’s plans are starting to roll out. Yuga’s CEO spoke about Farawaygg, a web3 game development company that Yuga recently used to develop the Dookey Dash game. Acquisition web3 games HV-MTL and Legends of the Mara allow Yuga to focus on its 3D Otherside game development efforts. “Other aspects of the plan will be announced soon,” Solano continued.
Yuga Labs’ corporate restructuring plan comes just hours after media veteran Won Kim joined the company as head of brand partnerships. Before joining Yuga, Kim founded a consulting agency called Bored Room Ventures and an NFT fund, and previously led activities at FiveStone, South China Morning Post, Digg, ESPN, and other companies.
Yuga Labs did not immediately respond to The Block’s request for comment on the restructuring.
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