One of the most talked about stocks of 2021 hit headlines Tuesday as news that its CFO is resigning.
What Happened: Executive Vice President and Chief Financial Officer Jim Bell is resigning from GameStop Corp GME on March 26.
The company has launched a search for a permanent CFO that can help “accelerate GameStop’s transformation,” according to the press release. GameStop retained a leading executive search firm to help in the process of evaluating internal and external candidates.
Diana Jajeh, the current Senior Vice President and Chief Accounting Officer, will become the interim CFO if a replacement is not reached by March 26. Jajeh has experience at PricewaterhouseCoopers, Visa V and e.l.f. Cosmetics ELF.
Why It’s Important: In early January, GameStop announced the addition of three team members to the Board of Directors, including Chewy CHWY co-founder Ryan Cohen, a large shareholder in the company.
The company expanded its Board of Directors from 10 to 13 members to make the change with plans to reduce the number back down to nine at the 2021 annual meeting. Four board members said they were seeking not to run for re-election.
GME Price Action: Shares of GameStop are down 4.4% to $42.97 in after-hours trading Tuesday.
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