GameStop Appoints New CEO And CFO With E-Commerce Experience

GameStop has announced its new CEO and CFO as part of the company's financial earnings call. Matt Furlong will take over as CEO on June 21 and Mike Recupero will start as CFO on July 12.

This comes after it was announced in April that current CEO George Sherman would be stepping down from the role after two years. Both Furlong and Recupero come from Amazon and have experience in e-commerce and technology, which reflects the board of directors' desire to make GameStop more than a retail company, according to the press release. GameStop's previous CFO Jim Bell announced his departure from the company in February.

Furlong spent nine years at Amazon, focusing on e-commerce. He most recently was a country lead for Australia and spent time as a technical advisor for Amazon's North American consumer business. Recupero was at Amazon for 17 years, where he spent time as the CFO of North American consumer business and CFO of Prime Video.

GameStop has been a popular company since the beginning of 2021, with its stock price fluctuating heavily due to a short squeeze early in the year. The price has been rising and falling since then; at one point the price hit as high as $500, but it has stabilized a bit lower, closing today around $300. That, however, is much higher than the $5 it was a year ago.

The retail company has been in dire straits in recent years, and its problems were only exacerbated by the COVID-19 pandemic, which forced the chain to close stores. However, in recent months GameStop has announced plans to transform its business--with help from the increased stock price--by hiring executives with experience in growth, technology, and e-commerce. The company announced an increase in net sales of 25.1% over the first fiscal quarter of 2020, totaling in $1.3 billion.