GAMESTOP CFO Jim Bell will be resigning at the end of next month, weeks after Redditors bought GameStop stock and watched it soar over 1700 percent almost overnight.
Senior Vice President and Chief Accounting Officer Diana Jajeh will serve as interim Chief Financial Officer while GameStop finds a replacement for Bell, who first stepped in as Chief Financial Officer two years ago.
In a press release, GameStop said the company had “initiated a search for a permanent Chief Financial Officer with the capabilities and qualifications to help accelerate GameStop’s transformation.”
“A leading executive search firm has been retained to support the process. Internal and external candidates will be evaluated,” it continued.
Bell joined the team along with CEO George Sherman in 2019 as the videogame retailer underwent financial straits.
He said the company’s financials go through historically low stock values in 2019 and 2020 to the explosive stock frenzy in January and February of this year.
The executive board has come under fire after Ryan Cohen, an investor who bought up major stock in the company, now occupies a space on GameStop’s board.
He published a letter in November criticizing Bell, Sherman and the rest of the executive board.
“Through our private conversations, we have explained to Mr. Sherman and the Board that GameStop has the ability to pivot toward becoming a technology-driven business that excels in the gaming and digital experience worlds,” Cohen wrote.
“But this pivot requires the type of strategic vision that has not yet taken hold in the c-suite or boardroom,” he ended.
It seems this may be the transformation GameStop is looking for when Bell leaves the company on March 26.
The company has come under fire recently by stakeholders, who have pushed it to focus more on digital sales than its mall-based locations.
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GameStop’s stocks jumped over 103 percent in one day and over 1700 percent overall as Redditors bought huge amounts of the stock over the investing app Robinhood.
Robinhood then blocked users from purchasing the stock, which prompted a number of lawsuits.
The Redditors were dubbed “wolves” and there might even be talks of a movie about the incident.