PrizePicks is replacing founder Adam Wexler as CEO, but the man behind the business will continue to play a major role in the organization. Wexler will be transitioning into a new role as Executive Chairman while Mike Ybarra will step in as the new CEO.
“I am unbelievably proud of what we have built at PrizePicks. Through our culture of constant innovation and having a player-first mindset, PrizePicks has achieved explosive growth,” said Wexler. “Attracting someone with Mike’s background is a true testament to our legitimacy and success to date, and it is a great honor to partner with him. Mike’s track record of introducing fan favorite games, driving development initiatives and scaling large customer bases will propel us to new heights.”
Ybarra comes to PrizePicks after a stint as president of Blizzard Entertainment. Ybarra announced he was leaving the company earlier this year in the midst of several layoffs by Microsoft, which acquired the company in 2023.
Prior to Blizzard, Ybarra actually worked with Microsoft for nearly two decades, including several roles within Xbox Studios.
“I am impressed with the passion, positive energy and incredible team at PrizePicks and want to thank Adam and the Board for this opportunity. PrizePicks is the most exciting company in sports entertainment today, and it’s an honor to join as CEO. I have tremendous respect for the foundation that Adam has built and look forward to working with him and the team,” said Ybarra.
“On behalf of the entire Board, I would like to thank Adam for his tireless contributions as PrizePicks’ Founder, building this organization into one of the leading fan engagement platforms from the ground up,” added PrizePicks Board of Managers member Jon Hallett. “Under his tenure, PrizePicks has experienced a period of remarkable growth and enters this transition with an incredible amount of momentum and strength. Mike Ybarra is the right leader for the next phase of the company’s journey, and we are pleased that he will be partnering with Adam to unlock future expansion opportunities.”
It is a time of lots of change for PrizePicks, which recently launched in New Hampshire. The company is said to be working with Moelis & Co. to look at potential M&A opportunities for the organizaiton.
