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GameStop’s Chief Financial Officer Corp Jim Bell will be leaving the organisation in March this year, the video game giant informed today.
The Company, in its official statement, sought to clear the air around the resignation, stating that Bell had not stepped down on account of any dispute or disagreement pertaining to its operations, including accounting principles or practices. Notably, the CFO has announced to leave the Company without an immediate replacement so far.
Bell’s departure comes close on the heels of the Company’s dramatic upswing in stock value previous month.
Image: Pixabay
As per the media reports, Bell would not leave empty-handed as he will be reportedly receiving US$15.8 million when he leaves. Besides, he also possesses a few equity awards linked to goals over many years. As per the data, he might get almost 300,000 shares in the Company, subject to the performance of the stock as well as the organisation.
Several shareholders and board members have been advocating GameStop to concentrate more on online sales rather than the retail - mall-based selling. New directors who believe in this strategy of digitalisation have recently joined the board.
Why is GameStop trending?
GameStop is an American video game and gaming retailer which, being mostly dependent on the retail selling, was hit badly by the COVID-19-induced pandemic.
The Company and the stock made headlines when the market valuation went up 1700% from US$2 billion to US$24 billion in a span of mere 2-3 days. This was triggered by a group of amateur traders on the online platforms, which catapulted the company’s shares to exponential highs in kind of a war against Wall Street’s giant hedge funds.
Meanwhile, GameStop is now searching for a finance chief who understands the current situation of the Company. For now, the Company would be appointing Chief Accounting Officer Diana Jajeh as interim CFO in case Bell’s replacement is not found before his departure.
Bell is slated to leave by 26 March 2021.
Meanwhile, shares of the stock GME fell by 2.24% and were quoted at US$44.97 per share as on 23 February.
