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GameStop Fires CFO and Lays Off Staff in Aggressive Turn-Around Move

Popular video game retailer GameStop on Thursday announced that it has parted ways with its Chief Financial Officer, Mike Recupero, and is making staff cuts across departments. 

GameStop Announces Job Cuts in Turn-Around Move

In a memo released on Thursday, popular meme stock GameStop announced that it had laid off an unspecified number of employees. 

GameStop CEO Matt Furlong writes in the memo that “we’re making a number of reductions to help us keep things simple and operate nimbly with the right talent in place.” 

According to Furlong, laying off staff will help GameStop evolve its commerce business and launch new products through its blockchain group.

GameStop Parts Way with Its CFO

A shocking part of the memo revealed that GameStop had parted with Mike Recupero, its CFO, who joined the company about a year ago.

According to sources familiar with the reports of the internal happenings, Recupero was “fired because he was not the right culture fit” and was “too hands off.”

According to a new SEC filing, following his departure from GameStop, Diana Jajeh, the company’s chief accounting officer, will become CFO.

On the Flipside

  • The news of the job cuts at GameStop has triggered a rally for its suffering stock. GameStop (GAME) is up by 15% over the last 24 hours.

Why You Should Care

The ongoing job cuts and rehires at GameStop are part of the process to reinvent the brick-and-mortar game shop to be a player in the video game industry that’s rapidly going online.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.