Friday, September 22

GameStop fires CFO Michael Recupero, shares fall

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GameStop Corp said on Thursday it had terminated the employment of Chief Financial Officer Mike Recupero, sending shares of the video game retailer down 8% in extended trading.

Recupero’s exit was first reported by Axios, which also said that the company was laying off an undisclosed number of employees, citing a memo.

GameStop, which was at the heart of a meme-stock trading phenomenon in 2021, did not respond to a Reuters request for comment.

Shares closed about 15% higher in regular trading after the company announced a four-for-one stock split late Wednesday.

Recupero, who was previously chief financial officer of Amazon’s North American consumer business, will be replaced by Chief Accounting Officer Diana Jajeh.

As part of its efforts to focus on online sales, GameStop last year had also tapped Amazon Australia’s head, Matt Furlong, as its chief executive officer.

It also launched a digital asset wallet in May to store, send, receive and use cryptocurrencies and non-fungible tokens.

(Reporting by Chavi Mehta and Manas Mishra in Bengaluru; Editing by Sriraj Kalluvila)