GameStop has announced its Chief Financial Officer, Jim Bell, will step down next month as the video game retailer focuses on shifting into technology-driven sales.
GameStop said Bell’s resignation was not due to any disagreement with the company relating to its operations, including accounting principles and practices.
However, a source said that while Bell’s exit was unrelated to the recent wild swings in GameStop’s stock, his departure was initiated by the company.
The source said GameStop had become dissatisfied with Bell as it works to transform into a technology-oriented business and was not confident he would be the right CFO moving forward.
Bell, who will leave the company on March 26, previously worked at brick-and-mortar retailers Gap Inc and Coldwater Creek and restaurant chain P. F. Chang’s China Bistro, according to his LinkedIn profile.
Shares of GameStop fell about 5% to $42.75 in extended trading after the announcement. The stock has risen about 140% this year, after paring most of the gains that sent short sellers scrambling to cover losing bets and saw the company hit a record high of $482.95.
GameStop said it has begun a search for a permanent CFO, adding that it would appoint Chief Accounting Officer Diana Jajeh as interim CFO if a permanent replacement was not found before Bell’s departure.