Gamestop CFO & Executive VP to resign from roles in March

Executive steps down following tumultuous period

GameStop has announced that its Chief Financial Officer . Jim Bell, who also holds the position of Executive Vice President within the video game retailer, will officially resign from🔥 both roles on March 26.

The retailer noted that as Bell is resigning with “good reason,” the soon-to-be-former CFO will receive severance in the region of $2.8 million – over twice their annual salary. The company’s filings do not denote specifically what led to the resignation decision. GameStop has begun interviewing candidates for a suitable replacement.

The news comes following a particularly chaotic financial period for the company. While GameStop, like many retailers, has struggled to adapt to a changing retail market, these efforts were further hampered by the impact of the ongoing COVID-19 pandemic. Additionally, the recent stock rush drama only served to further complicate matters, with GameStop stock rising to almost $500-per-share before plummeting to around $40-per-share in the space of a fortnight, as online communities such as Wall൩ Street Bets inflated prices in order to cause major losses for market short-sellers.

The U.S. Securities and Exchanges Commission is currently investigating the events of the so-called “Gamestonks” rush, in order to ascertain whether any unlawful conduct was committed by any of the parties involved – including online communities, independent traders, and stock market trading apps.

[GamesIndustry.biz]