Yuga Labs, the creator of the once-popular Bored Ape Yacht Club NFT collection, has a new boss.

CEO Greg Solano took to social media Thursday to announce he is sliding into the role of chairman of the board as Michael Figge takes over as chief executive.

"Figge is the absolute best person for the job. There’s no one I trust more to lead Yuga through this next chapter," said Solano, who had been CEO for about two years. "He’s relentless about product quality, he thinks longterm, and he knows how to take a vision and make it real. His work on Otherside the past year is proof of that, and you haven’t seen the half of it."

The management shakeup comes as Yuga Labs continues to develop its metaverse project, Otherside, which the company has branded as a "metaRPG where the players own the world, the currencies are real, and thousands can play together in real time."

In February 2024, Solano, a Yuga Labs co-founder known pseudonymously as Garga, assumed the role of CEO as Daniel Alegre, a former COO of Activision Blizzard, exited. Alegre was CEO for 10 months.

According to his LinkedIn, Figge most recently served as chief product officer.

"With Otherside, we’re developing a world class social platform for digital ownership and crypto," he posted to X on Thursday. "People will explore Otherdeeds, compete for resources, and build their own experiences. To win, we’re going to need to grow our user base a lot, and prove how every community can succeed in Otherside."

Figge has been with the company since 2021 and has been the CEO for a few weeks, he said.

Solano will continue to help Yuga Labs grow.

"Creative direction, writing, and figuring out insane ideas is still where I do my best work. And with Figge taking over the CEO role, I get to go back to it. I can’t wait for what Yuga builds next," he said.