GameStop fires CFO, shares plummet

July 7 (Reuters) – GameStop Corp (GME.N) said on Thursday it had fired chief financial officer Michael Recupero, sending shares of the video game retailer down 8% in extended deals.

The exit was first reported by Axios, which also said the company was laying off an undisclosed number of employees, citing a memo.

GameStop did not respond to a request for comment from Reuters.

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Shares closed up about 15% in regular trading after the company announced a four-for-one stock split on Wednesday night. Read more

Recupero, who previously served as chief financial officer of Amazon’s North American consumer business (AMZN.O), will be replaced by chief accounting officer Diana Saadeh-Jajeh.

As part of efforts to focus on online sales post-pandemic, GameStop also brought in Amazon Australia chief Matt Furlong as managing director last year.

Both executives were hired as Chairman Ryan Cohen pushed for a turnaround at the largely brick-and-mortar retailer and led a total overhaul of the management team.

The company also launched a digital asset wallet in May to store, send, receive and use non-fungible cryptocurrencies and tokens. Read more

Along with AMC Entertainment Holdings Inc (AMC.N), GameStop was at the heart of a stock trading phenomenon even in 2021, when retail investors rallied on social media forums to punish hedge funds that had bet against stocks.

However, GameStop and other retail darlings fell out of favor as interest waned amid a market sell-off on recession fears. Through Wednesday’s close, the company’s shares were down about 21% this year.

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Reporting by Chavi Mehta and Manas Mishra in Bengaluru; Editing by Sriraj Kalluvila

Our standards: The Thomson Reuters Trust Principles.

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