GameStop CFO Departs From the Video Game Retailer Amid Staff Layoffs

GameStop, an American-based video game retailer founded in 1984 by James McCurry and Gary Kusin, has recently announced that its chief financial officer (CFO) Mike Recupero has left the company.

According to the official letter sent to the employees, GameStop’s current chief accounting officer Diana Jajeh will take over as the company's new CFO, starting with an annual salary of $200k. In addition, Jajeh will be eligible for a "transformation bonus" in a combined amount of $1,965,000.

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Interestingly enough, some sources suggest that Recupero has actually been fired by GameStop chairman Ryan Cohen. Spokesmen implied that the former CFO didn't manage to meet the firm's cultural needs and was "too hands off."

Recupero’s unexpected decision arrives right after the firm’s CEO Matt Furlong mentioned that the company would be changing its strategy and “eliminating excess costs.” He explained:

"This means eliminating excess costs and operating with an intense owner’s mentality. Everyone in the organization must become even more hands-on and embrace a heightened level of accountability for results."

In fact, since the beginning of this year, GameStop has managed to employ over 600 people. However, following this recent hiring spree, the retailer decided to lay off an undisclosed portion of its staff.

GameStop’s stock has also received some significant attention, with its shares plummeting around 21% this year.

Earlier in May, GameStop launched its own Ethereum (ETH) non-custodial wallet for storing non-fungible tokens (NFTs) and crypto. Likewise, the video game retailer is planning to roll out its future NFT marketplace, which is set to release in Q2 2022.

GameStop is not the only major corporation to release some of its employees, as the exponentially growing list also includes Robinhood, Bybit, Crypto.com, Gemini, Coinbase, Banxa, and Huobi Global.