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GameStop CEO J. Paul Raines Steps Down Due To Medical Reoccurence

Shocking news from the game retailer that their CEO has stepped down.

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GameStop announced today that Executive Chairman Daniel DeMatteo will be taking the role of interim CEO as J. Paul Raines has sadly had to step down from the position due to a "reoccurence of his previously disclosed medical issue." Raines was reportedly diagnosed with a brain tumor in 2014. He underwent surgery at the time.

J. Paul Raines had served as GameStop's CEO since 2010. He helped spearhead a number of new initiatives by the company including diversifying into digital distribution of games. He also helped expand the company through acquisitions of ThinkGeek and many AT&T wireless locations.

Daniel DeMatteo, a co-founder of GameStop, has previously served as CEO in the past and has performed of number of executive roles since 1996. "We continue to send our best wishes and strong support to Paul and his family," DeMatteo said. "The Board of Directors has tremendous confidence in GameStop's executives and the management team's ability to effectively run the business with the Board's support."

Shacknews sends our best wishes to the Raines family.

Asif Khan is the CEO and majority shareholder of Shacknews. He began his career in video game journalism as a freelancer in 2001 for Tendobox.com. Asif is a CPA and was formerly an investment adviser representative. After much success in his own personal investments, he retired from his day job in financial services and is currently focused on new private investments. His favorite PC game of all time is Duke Nukem 3D, and he is an unapologetic fan of most things Nintendo. Asif first frequented the Shack when it was sCary's Shugashack to find all things Quake. When he is not immersed in investments or gaming he is a purveyor of fine electronic music. Asif also has an irrational love of Cleveland sports.

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