Why GameStop Stock Is Sliding Today

GameStop Corp GME shares are trading lower Friday after the company announced a CFO transition. The company is also reportedly planning layoffs.

GameStop said it terminated its former CFO Michael Recupero. He has been replaced by Diana Saadeh-Jajeh, who previously held the role in 2021 on an interim basis and most recently served as the company's chief accounting officer.

The CFO departure was originally reported via tweet from Axios reporter Stephen Totilo. Totilo also reported that GameStop plans to cut some of its staff after adding 600 corporate hires over the last year. 

"Unclear how hard people have been hit but it doesn't sound small. 'A number of reductions,'" Totilo said, citing an internal memo.

The company memo reportedly discusses the company's evolving commerce business and its jump into blockchain tech. GameStop also plans to invest in store leaders and field employees.

See Also: GameStop, Levi Strauss And 3 Stocks To Watch Heading Into Friday

GME Price Action: GameStop has a 52-week high of $255.69 and a 52-week low of $77.58.

The stock was down 6.45% at $126.40 at press time, according to data from Benzinga Pro.

Photo: JJBers from Flickr.