GameStop Fires CFO Amid Staff Cuts

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.

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GameStop Adds New CEO Matt Furlong to Board

GameStop, the world’s largest video game retailer, June 21 announced the appointment of new CEO Matt Furlong to its board of directors, effective immediately. The appointment date aligns with Furlong’s start date as new chief executive officer. Coinciding with Furlong’s appointment, outgoing CEO George Sherman has retired from the board. Five of the six members of the Board remain independent.

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Matt Furlong

Furlong, a former Amazon executive, was hired as part of new chairman Ryan Cohen’s initiative to expand e-commerce initiatives.

Cohen, who launched online pet supply service Chewy.com, is a favorite among independent day traders and investors. His involvement in GameStop contributed to the company’s shares becoming a social media trading meme. Shares opened June 21 above $220 per share, compared with a 52-week low of $3.77 per share. How much of that valuation is actually based on company financials is anyone’s guess.

GameStop Names Ex-Amazon Executives as New CEO, CFO

Just hours after his appointment as new chairman of the board at GameStop, Ryan Cohen June 9 wasted little time returning to the online universe in selecting a new CEO and CFO.

CEO Matt Furlong

The venerable video game retailer has named Matt Furlong as new CEO and Mike Recupero as new CFO. Furlong and Recupero come from Amazon, where they each held senior roles and oversaw various growth initiatives during their respective tenures. Furlong’s start date is June 21, and Recupero’s start date is July 12.

Furlong replaces CEO George Sherman, who held the position since 2019, but was forced out with the arrival of Cohen, founder of online pet supply company Chewy.com.

Cohen is looking to jumpstart GameStop’s e-commerce initiatives, and Furlong is a veteran e-commerce leader with significant experience implementing growth strategies across global geographies and product categories. Most recently, he was a country leader and oversaw Amazon’s Australia business. He was previously a technical advisor to the head of Amazon’s North America Consumer business. Throughout his nearly nine years at Amazon, he also ran a variety of product categories and oversaw strong market share expansion.

Recupero replaces Jim Bell, who exited the retailer in February. The former is a technology industry finance executive, who spent more than 17 years at Amazon supporting growth across global geographies and product categories. He most recently served as CFO of the North American Consumer business after serving as CFO of Prime Video. He previously served as the CFO of the European Consumer business. He began his career at Amazon, holding analyst, manager and director roles of increasing responsibility.