The video game retail chain GameStop has fallen on hard times as of late, closing store locations and laying off district managers to try and stay in business despite nosediving stocks. Today, the company announced it will be driving an "ongoing business transformation" by bringing on three new independent members to its Board of Directors, including former Nintendo of America President Reggie Fils-Amie.
Fils-Amie, who has been teaching at Cornell University since retiring in 2019, will officially join the Board on April 20, 2020, while the other two appointees — former President and CEO of Walmart William Simon and current CEO of PetSmart James Symancyk — have immediately taken their positions. Four current members of the Board of Directors will also retire on June 20, 2020, according to GameStop's News Release, including Board Chair Dan DeMatteo.
In the midst of store closures and declining physical game sales, as well as concerns of next-gen console releases being delayed due to Coronavirus, GameStop's Lead Independent Director Kathy Vrabeck will take over as the new Board Chair. On Twitter, Fils-Amie said, "The gaming industry needs a healthy and vibrant GameStop. I look forward to ... helping to make this happen."
The News Release states that Fils-Amie, Simon, and Symancyk "bring significant retail, turnaround, customer products, gaming and financial expertise as [a] cornerstone of [the] Board refreshment process," and mentions that a number of governance enhancements and new guidelines for Board tenure have also been implemented. A quote from GameStop CEO George Sherman included says the refreshment "represents an important milestone in GameStop's transformation as we continue to evolve the Company's business strategy for the long-term."
The decline of GameStop's prominence in the retail world has been slow and painful to watch from the outside, both due to the aforementioned lay-offs and increasingly poor working conditions for the remaining employees. Vrabeck said that she is confident the changes in company direction will not only raise stock values, but also "create meaningful entertainment experiences for our customers" and enhance corporate partnerships with game and console developers.
Fils-Amie is certainly a strong name in the gaming industry, becoming almost ubiquitous with Nintendo's brand during his tenure as NOA's President and receiving a Lifetime Achievement Award from the International Video Game Hall of Fame soon after announcing his retirement. Whether or not he'll be able to work against forces of nature like the coronavirus is yet to be seen, but there are likely few better individuals a company would want in their corner from a public relations standing.
Source: GameStop News Release