In a statement GameStop said, its Chief Financial Officer Jim Bell will be stepping down next month with the video game retailer saying, it is increasingly focusing on shifting into technology-driven sales.
GameStop reiterated that Bell’s resignation was not due to any disagreement with the company relating to its operations, including accounting principles and practices. However, according to a source Bell’s exit was not related to the recent wild swings in GameStop’s stock shares led by retail traders on Reddit.
According to another source familiar with the firm’s thinking, 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 is said to leave the company on March 26. He has previously worked at Gap Inc and Coldwater Creek and restaurant chain P. F. Chang’s China Bistro.
He did not respond to requests for comments.
Following the announcement, GameStop’s shares fell by around 5% to $42.75 in extended trading.
So far this year, GameStop’s stock has risen by around 140%, after paring most of the gains that sent short sellers scrambling to cover losing bets and saw it touch a record high of $482.95.
Shareholders targeted GameStop for focusing on sales based on its mall-based locations rather than the online market.
Directors who have focused on this strategy have recently joined its board said the source.
In a statement GameStop said, while it has begun a search for a permanent CFO, its interim Chief Accounting Officer Diana Jajeh, would be its permanent replacement if a new CFO was not found before Bell’s departure.