Following the crazy experience that was the GameStop stock fiasco, the company has a lot of choices to make about what to do moving forward. There have been many big changes within GameStop, and the company continues to adapt to the changing times.
Recently, the company announced today that there would be another change in leadership at GameStop for the members of its board of directors. The people that are in the running for the position are Alan Attal, former Chewy CMO; Larry Cheng, founder of the investment group Volition; Jim Grube, former Chewy CFO; George Sherman, current GameStop CEO; Yang Xu, Senior VP of Global Finance and Treasury at Kraft Heinz; and former Chewy co-founder Ryan Cohen, who is standing for election as the new Chairman.
As one might notice, many of the candidates have former ties to the company Chewy, which is an online store for pet goods that utilizes e-commerce business tactics. The official decision won't be made until the annual meeting held on June 9 of this year, but this does signify GameStop's changing business tactics to become an e-commerce company within the gaming industry.
The announcement also states that Kurtis Wolf will also be immediately exiting his GameStop board of directors position. Wolf entered the company during GameStop's shareholder dispute that plagued the company with multiple board of director position changes. Some notable people who have left the company before this includes former CMO and executive VP Chris Homeister, COO Frank Hamlin, and CFO Jim Bell. The only remaining people from the previous board of directors who haven't announced their possible departure are Paul Evans and William Simon.
There's also another list of people in the board of director positions who have stated that they will not be running for re-election. That list includes current board chair Kathy Vrabeck along with Carrie Teffner, Raul Fernandez, Lizabeth Dunn, James Symancyk, and former Nintendo of America head Reggie Fils-Aime.
As sad as it may be to see old leadership leave, it might be in the company's best interest. GameStop saw years of revenue decline before the stock market incident, and it is times like these when big changes need to be made to keep the company alive. This can also be seen in the fact that GameStop also announced that it is selling 3.5 million shares of the company in order to change its finances. Hopefully, whoever gets elected into the position can make the right decisions to keep GameStop alive and well.
Source: GameStop