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GameStop's CFO didn't resign - he was pushed out after the board 'lost faith' in him, sources say

GameStop's CFO didn't resign - he was pushed out after the board 'lost faith' in him, sources say

A man stands outside of a GameStop store with a new PlayStation 5 game console.
Aimee Dilger/SOPA Images/LightRocket via Getty Images




GameStop announced the sudden departure of its CFO on Tuesday with a statement saying he resigned.




Sources close to the company told Insider that the executive was actually pushed out by the board.




His ouster is part of an ongoing shakeup at GameStop led by activist investor Ryan Cohen.




Visit the Business section of Insider for more stories.


On Tuesday afternoon, GameStop announced the resignation of Chief Financial Officer Jim Bell. But sources close to the company told Insider that Bell didn't quit - he was forced to resign by the company's board as part of the ongoing push by activist investor (and new board member) Ryan Cohen to reshape the ailing retailer.GameStop's board "lost faith" in Bell, one person familiar with the decision said, and began reexamining his role in the wake of a letter that Cohen sent to the board in November 2020. The letter openly criticized GameStop's executive team, led by CEO George Sherman, and pushed the company to pursue the creation of a "powerful e-commerce platform" as the foundation of its plans for the future."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 in the letter. "But this pivot requires the type of strategic vision that has not yet taken hold in the c-suite or boardroom."
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