GameStop’s Board Pushed CFO Out to Speed Up Strategic Shift
GameStop said Chief Financial Officer Jim Bell is resigning, effective next month.
The board and management pushed Bell out to make way for a new finance chief who shares their vision of transforming GameStop from a brick-and-mortar retailer into an e-commerce company, according to a person with knowledge of the situation who asked not to be identified. Bell didn’t respond to a request for comment.
An executive search firm has been engaged to find a finance chief with “the capabilities and qualifications to help accelerate GameStop’s transformation,” the company said Tuesday.
The Grapevine, Texas-based retailer is undertaking a strategic review, largely the result of pressure from board member Ryan Cohen, who bought about 13% of the shares and became the company’s largest individual investor. The former head of pet-supply provider Chewy has pushed GameStop to become a more direct competitor to Amazon.com Inc. He won three seats on the company’s board earlier this year.
“Mr. Bell’s resignation was not because of any disagreement with the company on any matter relating to the company’s operations, policies or practices, including accounting principles and practices,” the company said in a filing. The company declined to comment.
GameStop said Chief Financial Officer Jim Bell is resigning, effective next month.
The board and management pushed Bell out to make way for a new finance chief who shares their vision of transforming GameStop from a brick-and-mortar retailer into an e-commerce company, according to a person with knowledge of the situation who asked not to be identified. Bell didn’t respond to a request for comment.
An executive search firm has been engaged to find a finance chief with “the capabilities and qualifications to help accelerate GameStop’s transformation,” the company said Tuesday.
The Grapevine, Texas-based retailer is undertaking a strategic review, largely the result of pressure from board member Ryan Cohen, who bought about 13% of the shares and became the company’s largest individual investor. The former head of pet-supply provider Chewy has pushed GameStop to become a more direct competitor to Amazon.com Inc. He won three seats on the company’s board earlier this year.
“Mr. Bell’s resignation was not because of any disagreement with the company on any matter relating to the company’s operations, policies or practices, including accounting principles and practices,” the company said in a filing. The company declined to comment.