GameStop Corp.’s finance chief is leaving weeks after a social-led frenzy sent the company’s share price surging, only for it to drop afterward. The Grapevine, Texas-based video game retailer said Jim Bell will step down as executive vice president and chief financial officer on March 26. He was appointed in June 2019.
GameStop, which also sells consumer electronics and gaming merchandise, didn’t give any reason for Mr. Bells withdrawal but applauded “his significant contributions and leadership, including his efforts over the past year during the coronavirus pandemic.”
The company stated that it has initiated the search for a successor “to accelerate the company’s transformation.” It plans to appoint Chief accounting Officer Diana Jajeh to the role of interim CFO if it doesn’t find a permanent replacement for Mr. Bell by the time he leaves.
GameStop last year came under pressure from Chewy Inc. co-founder Ryan Cohen, who holds almost 13% stake through his investment firm RC Ventures LLC. RC Ventures in November sent a letter to GameStop’s board urging them to conduct a strategic review of the business and reduce its reliance on physical retail, focusing on e-commerce instead.