After quite a number of wild weeks for GameStop, the company's CFO or chief financial officer has officially announced his resignation. The company has just announced that Jim Bell, GameStop's executive VP and CFO will now be resigning from his roles starting March 26.
GameStop bullish stock
GameStop or GME is now searching for a new CFO that has the capabilities as well as qualifications in order to help accelerate the company's transformation. The company hinted its efforts to shift from a physical retailer to an online retailer.
The announcement also comes about a month after the reportedly trading frenzy that was fueled by the popular Reddit page called WallStreetBets that had reportedly caused quite a massive spike.
From the very start of the year up to January 27, when the stock closed at $347.51 shares which was about a gain of 1,915%. GameStop stock is now reportedly trading at about $45 which is a huge dip compared to where it had started that year.
The event also provided massive publicity for the company which garnered the attention of everyone from the White House to Elon Musk.
GameStop VP and CFO announcess resignation
The move also raised some questions regarding GameStop's future, as new short sellers who reportedly believed the struggling retailer's fortunes against retail traders who had believed that the company was actually being undervalued.
According to CNN Business, the reason for Bell's departure, an actual GameStop spokesperson noted that the company is currently not providing additional comment during the time of inquiry.
In a recent press release, GameStop noted that it actually thanks Mr. Bell for his reportedly significant contributions as well as leadership. This included his efforts over the course of the past year even during the COVID-19 pandemic. Bell reportedly became GameStop's CFO back in June 2019.
Read Also: GameStop Stock Projected to Hit $15B Soon All Thanks to Elon Musk's 'Gamestonk' Tweet!
GameStop during the pandemic
During that year, the company's chief executive had admitted that GameStop was previously in quite a "tough place" and that it was suffering from the falling sales and also had plans to close about 200 stores. While the video game industry has been growing, the physical game sector that GameStop is in has slowly become less popular.
When the pandemic hit, things actually became a lot worse. In September, the company reportedly announced that it had planned to close about 400 up to 450 stores globally nearing the end of the year. There were reportedly over 100 more that had initially projected some time last March.
On October 31, the company then reported that it had a net loss of a whopping $18.8 million. A number of investors still remain quite hopeful regarding the company's ability to eventually reduce its total reliance when it comes to sales in physical stores and also transition towards e-commerce.
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Written by Urian Buenconsejo
