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GameStop CFO resigns

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

There has been a shake-up in the C-suite at GameStop Corp (NYSE: GME). The video game retailer announced Tuesday that its chief financial officer (CFO), Jim Bell, is vacating his position effective 26 March. It did not provide a reason for his departure.

GameStop said that it has launched a search for a successor "with the capabilities and qualifications to help accelerate GameStop's transformation." It added that it has retained a "leading" executive search firm to aid in this effort. That firm was not identified.

Bell has served as the company's CFO since June 2019. Prior to that, according to his LinkedIn page, he was CFO and at one point the interim CEO for Asian restaurant chain P.F. Chang's. Other positions he held in the retail industry include a stint at women's clothing specialist Coldwater Creek.

The company said that if a suitable replacement was not found by the date of Bell's resignation, current chief accounting officer Diana Jajeh would step into the role on an interim basis.

It was not clear whether Bell's move was related to GameStop's recent fame (or notoriety, depending on your point of view) in the wake of Reddit group WallStreetBets' recent short-squeeze play on the stock.

GameStop was heavily shorted because, as a brick-and-mortar retailer of video games, it has been struggling for years. Physical stores are expensive to own and operate. It's increasingly common for video game players to purchase and download titles online. Although it's trying to morph into a more digitally focused business, it's wading into a big sea of competition.

On Tuesday, GameStop shares fell by 2.2%, in contrast to the 0.1% gain of the S&P 500 Index (INDEXSP: .INX).

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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