GameStop board on the verge of mass departures: report
GameStop has reportedly informed the U.S. Securities and Exchange Commission that several members of its board are expected to leave
Shares of GameStop plunged again on Wednesday following the latest profit report and share sale details that failed to impress investors.
Now the company has another dilemma.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
GameStop has reportedly informed the U.S. Securities and Exchange Commission that several members of its board are expected to leave, according to The Wall Street Journal.
The change would involve departures of Ninendo executive Reginald Fils-Aimé and former Activision Publishing president Kathy Vrabeck.
The Journal also mentioned others expected to retire include Lizabeth Dunn, Paul Evans, Raul J. Fernandez, William Simon, James K. Symancyk, and Carrie W. Teffner.
FOX Business has reached out to GameStop for comment.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP. | 10.42 | +0.11 | +1.07% |
Co-founder Ryan Cohen, who owns a 13% stake in GameStop through his RC Ventures, has wanted changes at the retailer.
The company wants to make an e-commerce push and said it was considering selling stock to fund its transformation.
GAMESTOP STOCK PUNISHED, EXECS FAIL TO IMPRESS INVESTORS ON REVAMP PLAN
GameStop reported an adjusted net loss of $138.8 million for fiscal year 2020, down from an adjusted profit of $19.1 million the prior year. Net sales declined 21% to $5.090 billion.
In early 2021, the video game retailer emerged as a darling of Reddit retail investors who carried out a short squeeze,helping to boost shares more than 800%.
CLICK HERE TO READ MORE ON FOX BUSINESS
GameStop shares fell more than 33% to $120.34 on Wednesday and rose more than 7% in the after-hours session.