July 8, 2022
GameStop Corp., the world’s largest video game retailer, has terminated the employment of CFO Michael Recupero — about a year after hiring him and CEO Matt Furlong from Amazon.
The company said Diana Saadeh-Jajeh, formerly chief accounting officer, would assume the CFO position, effective immediately. Saadeh-Jajeh previously held the CFO role on an interim basis in 2021.
She receives the same $200,000 base salary as Recupero and is eligible for $1.9 million in bonuses — a little more than half the reported $3.6 million in sign-on bonuses Recupero received.
The move comes amid ongoing staff cuts as GameStop attempts to reduce costs. The retailer posted a net loss of $157.9 million on revenue of $1.37 billion in quarter ended April 30. That was more than double the $66.8 million loss on revenue of $1.3 billion in the previous-year period.
“Everyone in the organization must become even more hands-on and embrace a heightened level of accountability for results,” Furlong reportedly wrote in a company memo.