GameStop CEO Departs After 90 Days on the Job

GameStop May 11 announced the appointment of Daniel DeMatteo as interim CEO following the sudden resignation of CEO Michael Mauler for personal reasons.

Mauler, a 16-year veteran at GameStop, had replaced J. Paul Raines, who stepped down for health reasons, and later died due to a reported recurrence of brain cancer.

DeMatteo, one of the company’s co-founders, will continue to serve as executive chairman and director. DeMatteo has served as the company’s CEO and in a variety of board and executive roles since 1996.

“Given my tenure and familiarity with the company and our associates, it’s a natural step for me to assume this role and guide the business at this time while the board searches for a permanent CEO,” DeMatteo said in a statement.

CFO Rob Lloyd, who has been with the nation’s largest video game retailer since 1996, and was named CFO in 2010,will assist DeMatteo going forward.

“We continue to believe in GameStop and the many passionate associates that drive our business and are encouraged by the opportunities ahead of us,” said DeMatteo.

GameStop, like many entertainment retailers, continues to grapple with changing technology and consumer behavior.

In March, it reported a quarterly net loss of $106 million, which was in stark contrast to net income of $209 million in the previous-year period. The loss was largely due to $406 million in impairment charges related to third-party (AT&T) mobile phone sales in its technology brands division.

In February, the board terminated COO Tony Bartel and Michael Hogan, EVP of strategic business and brand development, without cause.