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HomeTechnologyGameStop names a new CEO and CFO, both from Amazon

GameStop names a new CEO and CFO, both from Amazon



Matt Furlong, who will replace George Sherman as CEO, and Mike Recupero, CFO, are both joining the company from Amazon (AMZN). Their experience at the online retail giant will likely prove useful as GameStop (GME) continues its efforts to transition from a struggling brick-and-mortar video game retailer into an e-commerce powerhouse.
In recent months, GameStop — which has been a darling of internet retail stock traders this year — has undergone a major executive shakeup at the direction of Ryan Cohen, the billionaire Chewy.com founder who invested heavily in GameStop last year and joined its board in January.

The company also recently added its first-ever chief technology officer, a new chief operating officer, a new senior vice president of e-commerce and several other executive roles.

“The Company is continuing to actively pursue senior talent with gaming, retail and technology experience,” the company said in a press release Wednesday.

In addition to the major leadership announcement, GameStop posted mixed earnings results for the three months ended May 1.

Quarterly revenue increased 25% year-over-year to nearly $1.28 billion, beating the $1.16 billion Wall Street analysts had projected. But the company posted a steeper-than-expected net loss of $66.8 million, or $1.01 per diluted share.

GameStop’s stock tumbled more than 9% in after-hours trading Wednesday. However, that comes after a month when the company’s stock has climbed more than 110% as “meme” stocks again gain attention from investors.



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