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 recruits Amazon execs, announces new CEO and CFO
Photo by: GameStop/Facebook
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Who are the new chiefs
As per CNN Business, GameStop recruited two former executives from Amazon and appointed them to high-ranking positions. Matt Furlong will be taking over the role of CEO from George Sherman, while Mike Recupero will be the new CFO, replacing Jim Bell.
The company believes that their entrance to the company will help further boost the business. It is a big advantage too that they are from Amazon as their knowledge and experience with the e-commerce retail giant will definitely be useful for GameStop.
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