GameStop taps Amazon Australia chief as CEO, may sell shares
By Svea Herbst-Bayliss, Noel Randewich and Eva Mathews
Reuters
(Reuters) -GameStop on Wednesday named the head of Amazon s Australian business as its CEO and said the struggling videogame retailer may sell new shares, sending its volatile stock down 7% in extended trade and disappointing some of its ardent fan base of individual investors.
In a quarterly report that was stronger than analysts forecast, GameStop said it may sell up to 5 million new shares, which would be worth $1.4 billion based on its latest share price.
Matt Furlong, a nine-year Amazon veteran, will succeed George Sherman as chief executive officer. GameStop said Mike Recupero, who spent over 17 years at Amazon, will succeed Jim Bell as chief financial officer.
GameStop (GME) has had quite the busy day for news. In addition to the annual shareholders meeting, the company is also holding its Q1 2021 earnings call, where it will go in-depth on its performance over the last quarter. However, GameStop decided to drop some big announcements before the commencement of said earnings call. This includes the news that Mike Recupero has been officially named the company’s next CFO.
This news comes from an official news release shared on the GameStop website. GameStop spoke about Recupero’s success before being appointed CFO of the gaming retailer. “Mr. Recupero is a seasoned technology industry finance executive, who spent more than 17 years at Amazon supporting growth across global geographies and product categories.” During his many years with Amazon, Recupero served as Chief Financial Officer of the North American Consumer business. He was also the CFO of Prime Video for a period of time.