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GameStop reportedly kicked out its chief financial officer, Mike Recupero, as the company carries out its aggressive turnaround plan. The American video game, consumer electronics, and gaming merchandise retailer is also terminating employees, and this was also announced this week.
As per CNBC, Recupero only joined Gamestop a year ago, and the company was said to have made the decision to fire him because he was not the “right culture fit.” A source familiar with the matter also added that the ousted CFO was “too hands-off” on the job; thus, he was replaced by Ryan Cohen, the company’s current chairman.
As Recupero vacates his post, Diana Jajeh has been appointed as the new CFO. According to the filing with the U.S. Securities and Exchange Commission (SEC), her starting annual salary has been set to $200,000, plus she will be eligible for a “transformation bonus” in a lump amount of $1,965,000.
“GameStop Corp. today announced the appointment of Diana Saadeh-Jajeh as Chief Financial Officer, effective immediately,” the company said in a press release. “Ms. Saadeh-Jajeh previously held the role on an interim basis in 2021 and most recently served as the Company’s Chief Accounting Officer. The appointment coincides with the Company’s termination of the employment of Michael Recupero.”
As for the job cuts, Gamestop released a memo addressed to its staff, and it was mentioned that the layoffs would affect the corporate side of the company and not its store outlets. A source said that this move was to “reduce bloat” as the firm invests in other business areas.
It was mentioned that Gamestop added more than 600 corporate employees since the beginning of 2021. The company stated in the memo that it is about to make changes to its workforce.
Matt Furlong, Gamestop’s chief executive officer, further explained through the memo that they need to take bold steps to lead the company to the digital future. They will be investing to keep up with the advancing business trend.
“This means eliminating excess costs and operating with an intense owner’s mentality,” the CEO stated. “Everyone in the organization must become even more hands-on and embrace a heightened level of accountability for results.”
