GameStop CFO Resigns in Continuing Company Shake-up

According to a recent news release published by the company, Jim Bell – Chief Financial Advisor for GameStop – has resigned.
Bell has been with the company since June 2019, and will officially leave on March 26th. 

GameStop didn’t explain the reasons behind Bells’s resignation, speaking only of their gratitude for his service to the company:
The Company thanks Mr. Bell for his significant contributions and leadership, including his efforts over the past year during the COVID-19 pandemic.

The statement did discuss the matter of Bell’s replacement, however. An outside search firm has been enlisted to help fill the position as quickly as possible, but if a permanent candidate cannot be sourced, the company will appoint a temporary internal member:
If a permanent replacement is not in place at the time of Mr. Bell’s departure, GameStop intends to appoint Diana Jajeh, who is currently Senior Vice President and Chief Accounting Officer, to the role of interim Chief Financial Officer.
Unrelated to GameStop, Jajeh reportedly has over two decades of experience as an auditor, comptroller, and corporate finance executive.

Difficult times ahead

The last several years have been challenging times for the majority of brick-and-mortar retailers.
The rise in the demand for digital distribution and the huge economical hit of the COVID 19 pandemic, has cast a dark shadow of uncertainty over physical retail.

Bell’s resignation may represent part of a wider strategy to enlist remembers more familiar with e-commerce business models.
Pet food billionaire Ryan Cohen – already an investor in the company – increased his presence last month when he and two others joined GameStop’s board of directors.
His appointment came shortly after a rather scathing letter he sent to GameStop higher-ups, detailing problems with their current approach for tapping into the modern market.

The news of Bell’s departure also comes shortly after the recent trading frenzy facilitated by Reddit users, which saw sharp rises and steep falls in GameStop stocks.
It remains unclear what strategy GameStop needs to take to maintain operations in the future, but an experienced management team is, of course, crucial.

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