GameStop has announced a new chief executive and chief financial officer along with the announcement of its earnings on Wednesday.
The names of the new CEO and CFO are not new for the financial industry.
GameStop’s new CEO and CFO are both coming from a giant company – AMAZON. Matt Furlong who will be replacing George Sherman as CEO and Mike Recupero will be joining as the new CFO of the company. Both people bring a vast experience of working in the retail world with them, which will benefit GameStop as it is struggling to transition from a video game retailer to a full-fledged e-commerce powerhouse.
The company also added its first-ever chief technology officer along with a new chief operating officer and a new vice president for e-commerce. All of them are huge names from Amazon and Ryan Cohen’s chewy.
GameStop has recently been in the news for various reasons and an absolute favorite of the stock traders since the beginning of this year. GameStop is going through major transformational changes under the new reign of its director Ryan Cohen, he is also the founder of the billionaire company. He invested hugely in GameStop and became part of the board in January and since then has been installing newer ideas and dimensions for the growth of the company.
Ryan Cohen was also announced as the chairman of the GameStop board on Wednesday during the annual meeting of the shareholders.
The newly announced CEO Furlong has worked extensively with Amazon and has served Amazon’s Australia business as well as was the technical adviser to the head of North American consumer businesses. He was termed as a veteran e-commerce leader by GameStop in an official press release. He will be starting his new job on June 21. The company plans to utilize his significant experience in the retail industry by implementing them in GameStop’s growth strategies across the globe especially in different product categories.
The newly appointed CFO Recupero has over 17 years of association with Amazon and is considered a veteran who has served as CFO of the North American consumer business and the streaming section of Amazon – Prime Video. Recupero is said to join GameStop from July 12.
GameStop announced the sale of $550 million stocks in April and the company plans to request the Securities and Exchange Commission to allow them to sell more than 5 million shares.
The company has witnessed a twisted journey since it gained the attention of the investors in January, thanks to the reditters. The stock’s price has been hovering up and down and it still needs to be a stable commodity to gain some serious backing from the investors.
As per the financial reports made public, GameStop witnessed a quarterly increase in the revenue of almost 25% which makes it almost $1.28 billion.