Updated · Aug 15, 2022
GameStop Fires Chief Financial Officer Amid Staff Layoffs
Updated · Jul 08, 2022
The company announced the aggressive shakeup on Thursday. As a result, its shares fell in pre-market trading on Friday.
GameStop has fired its Chief Financial Officer, Mike Recupero, amid plans to make further employee cuts. Following the announcement, the firm’s shares slipped 8% in extended trading.
Axios first revealed the sacking, citing an internal memo circulated by the company’s top brass. The report also states that GameStop will let an undisclosed number of employees go as the company looks to restructure.
Recently, GameStop has been looking in a different direction from its traditional video game retailing model. In May, it introduced a digital asset wallet to allow users to send, receive, and store cryptocurrency and NFTs.
However, the staff leaving the company are corporate rather than workers in the firm’s stores. This indicates that it still takes its brick-and-mortar business seriously.
The video game retailer announced that Diana Saadeh-Jajeh has taken on the CFO role, “effective immediately”.
Saadeh-Jajeh, who already has a brief stint as CFO in 2021 on an interim basis, was the company’s Chief Accounting Officer. According to a regulatory filing with the Securities and Exchange Commission, she will have a starting salary of $200,000. In addition, she will be entitled to a “transformative bonus” worth about $1,965,000.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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