GameStop (GME) CFO Mike Recupero out, company announces layoffs
Chief Administrative Officer Diana Jajeh will replace Mike Recupero as the company layoffs employees across GameStop and Game Informer.
A major move is seemingly taking place in GameStop executive and lower staffing. Apparently, the company is going through a wave of layoffs, and it includes the removal of Chief Financial Officer (CFO) Mike Recupero. As layoffs terminate the jobs of employees at both GameStop and Game Informer, Chief Administrative Officer (CAO) Diana Jajeh will take Recupero’s place for the foreseeable future.
This news comes from an apparent internal company memo that was obtained by Axios video game journalist Stephen Totilo, as well as a filing to the US Securities and Exchange commission. According to the memo penned by CEO Matt Furlong, Mike Recupero will be stepping down as the CFO of GameStop immediately and CAO Diana Jajeh will be taking up the position. Recupero was only appointed to the CFO position in June of 2021 as the company continued to go through transformation to a more online commerce-oriented business. Alongside Recupero’s exit from the GameStop CFO position, “a number of reductions” are set to hit Game Informer and GameStop staff. According to the email, the company is shifting focus of its hirings. It suggests the company has made 600 corporate hires since last year and will instead invest in store leaders and field employees in the near future.
Word of Recupero’s exit from Gamestop and layoffs to follow come at an interesting time for the company. Besides Recupero’s tenure in the CFO position not lasting long, the company has also been moving in interesting ways with its stock, announcing a four-for-one stock split earlier this week. GameStop (GME) stock saw a decent rise on July 7 going from a low of around $114.50 per share up to about $135.12 a share on the day’s close, but the stock took a beating in after hours on this news, hitting a low of just over $121 before climbing a little bit from the slump.
With supposed layoffs on the way and this executive shake-up putting Recupero out and Diana Jajeh in, it will be interesting to see what comes next for the company. Stay tuned for more GME news as we watch for further updates.
TJ Denzer posted a new article, GameStop (GME) CFO Mike Recupero out, company announces layoffs