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In addition, GameStop released its Q1 earnings report, showing a 25% improvement in sales with losses less than what was reported a year ago.
GameStop Corp (NYSE: GME) announced the appointment of former Amazon.com Inc’s (NASDAQ: AMZN) executives Matt Furlong and Mike Recupero as its new CEO and CFO respectively. The move was made in an effort to alter the company’s operations from the conventional brick-and-mortar to a more online engaged business. GameStop (GME) stock is moving lower.
In addition, GameStop released its Q1 earnings report, showing a 25% improvement in sales with losses less than what was reported a year ago. This could also be attributed to the recent disclosure by the company that the SEC is probing into its unprecedented stock volatility seen in the past few months.
GameStop (GME) Stock and Its Market Outlook
Furlong’s career at Amazon started about 9 years ago. More recently, he supervised the company’s growth in Australia. Previously, he was a technical advisor to Amazon’s North America consumer branch and he also served at Proctor and Gamble (P&G) Company (NYSE: PG). GameStop had earlier disclosed that George Sherman was expected to step down as CEO at the end of July if not earlier, pending a successor’s appointment.
Recupero has been working at Amazon for 17 years, recently being the CFO of its North American consumer business. Prior to that, he held a similar role at Amazon’s prime video, advertising units, and European consumer.
Over the past couple of months, the video game retailer has hired a fresh cluster of executives. These include three of Amazon’s former executives – Jenna Owens as its new COO, Matt Francis as its first CTO, and Elliott Wilke as its chief growth officer. The company also took in Chewy Inc (NYSE: CHWY) co-founder Ryan Cohen as head of its e-commerce and later named him chairman during a shareholders’ meeting Wednesday.
Cohen reportedly took a stake in the video game company last year. At the beginning of this year, he and two other foregoing execs of Chewy joined GameStop’s board, as agreed upon with the retailer’s management.
GameStop expects the new team of executives to help advance its business as a step-up against competitors such as Sony, Microsoft, and Walmart. It also hopes to develop fresh strategies for growing its revenue.
Previously, the video game retailer saw a rise in its stock price after a trading frenzy by Reddit fans. However, during today’s premarket trading session according to metrics provided by MarketWatch, GME stock was trading at ar $279.04, down 7.77%. Nevertheless, its performance has been 7.20%, 108.96%, and 14.17% for 5-days, 1 month, and 3 months respectively. Its YTD performance was 1,505.94% and 5,867.65% for its 1 year.