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GameStop just announced it will start doing business under new leadership. The electronics and gaming retail company has appointed its new chief executive officer and chief financial officer and this was revealed on Wednesday, June 9.
Who are the new chiefs
As per CNN Business, GameStop recruited two former executives from Amazon and appointed them to high-ranking positions. Matt Furlong will be taking over the role of CEO from George Sherman, while Mike Recupero will be the new CFO, replacing Jim Bell.
The company believes that their entrance to the company will help further boost the business. It is a big advantage too that they are from Amazon as their knowledge and experience with the e-commerce retail giant will definitely be useful for GameStop.
This is especially true now that GameStop is exerting efforts to transform into an e-commerce stalwart from the brick-and-mortar video game store. As part of the efforts, the company is going through a major shakeup and new executives are being assigned.
The company recently added a chief technology officer position, a senior vice president of e-commerce, a chief operating officer and other executive roles that were previously non-existent in the firm.
"The Company is continuing to actively pursue senior talent with gaming, retail and technology experience," Ryan Cohen, Gamestop’s board chairman and investor, said. It was only on Wednesday’s shareholders’ meeting that Cohen was also confirmed as the head of the company’s board.
New appointees’ effect on the stock
Fox Business reported that shortly after the announcement of new leaders in GameStop, the stock fell. It was said that the drop could be a reaction not just to the earnings report but what the company revealed during the meeting, although it only lasted for 10 minutes.
Meanwhile, Cohen said that he knows GameStop has a long way ahead, but he believes that the new team will get it together. "We have a lot of work in front of us and it will take time," he said.
The board chairman ended the meeting by saying, "We are trying to do something that nobody in the retail space has ever done, but we believe we are putting the right pieces in place and we have clear goals: delighting customers and driving shareholder value for the long term."
