Gamestop Names New Interim CEO and Reports First Quarter 2018 Results

Hopefully this one remains longer than three months. 

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GameStop has named a new interim Chief Executive Officer after the previous company-appointed head resigned after just three months. After now-former CEO Michael Mauler resigned from the company earlier this month, GameStop is soldiering on with Shane Kim, current member of the GameStop Board of Directors at its helm. He will serve as the interim CEO until a permanent one is selected. Additionally, Rob Lloyd has been promoted to Chief Operating Officer and Chief Financial Officer.

Executive Chairman Dan DeMatteo stated “We are fortunate to have Shane assume the role of interim chief executive officer and welcome his insight as a video game industry veteran. Shane has been an actively engaged member of GameStop’s board of directors since 2011 and will bring additional executive focus, energy and passion to the organization during this time of transition."

Additionally, the company reported sales and earnings for the first quarter, which just ended May 5. Global sales decreased 5.5% to $1.93 billion, and new hardware sales decreased 7.9%. New hardware sales decreased by 10.3%, which the company notes were all impacted by the Switch's launch in the first quarter of fiscal year 2017. The same can be said of new software sales. Pre-owned software sales went down 5.8% as well.

The company is still making some bank, however with an adjusted net income of $39.0 million for the first quarter, even though GameStop reported an adjusted net incom of $63.6 million in the prior year's quarter. It's important to note as well that GameStop's stock was also down 5% last night and has recovered all of those losses. We'll have to wait and see how the company ebbs and flows further as the new interim CEO takes office and another is selected in the future.

Senior Editor

Fueled by horror, rainbow-sugar-pixel-rushes, and video games, Brittany is a Senior Editor at Shacknews who thrives on surrealism and ultraviolence. Follow her on Twitter @MolotovCupcake and check out her portfolio for more. Like a fabulous shooter once, said, get psyched!

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