Popular video game retailer, GameStop (NYSE:GME), on Thursday announced that it has parted ways with its Chief Financial Officer, Mike Recupero, and is making staff cuts across departments
GameStop Announces Job Cuts in Turn Around Move
In a memo released on Thursday, popular meme stock GameStop announced that it had laid off an unspecified number of staff
GameStop CEO Matt Furlong writes in the memo that “we’re making a number of reductions to help us keep things simple and operate nimbly with the right talent in place.”
According to Furlong, laying off staff will help GameStop evolve its commerce business and launch new products through its blockchain group.
GameStop Parts Way with its CFO
A shocking part of the memo revealed that GameStop had parted with with Mike Recupero, its CFO, who joined the company about a year ago.
According to sources familiar with the reports of the internal happenings, Recupero was “fired because he was not the right culture fit” and was “too hands off.”
According to a new SEC filing, following his departure from GameStop, Diana Jajeh, the company’s chief accounting officer, will become CFO.
On the Flipside
- The news of the job cuts at GameStop has triggered a rally for its suffering stocks. GameStop (GAME) is up by 15% over the last 24 hours.
Why You Should Care
The ongoing job cuts and rehires at GameStop is a process to reinvent the brick-and-mortar game shop and up to a video game industry that’s rapidly going online.
GameStop’s blockchain move has seen it develop some products. Read about them in:
GameStop Taps Loopring’s Tech for New Non-Custodial Web 3.0 Ethereum Wallet
GameStop Launches Beta NFT Marketplace with Loopring Integration
