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Offbeat GameStop CEO abruptly quits after 3 months on the job

18:07  11 may  2018
18:07  11 may  2018 Source:   bloomberg.com

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GameStop Corp. Chief Executive Officer Michael Mauler abruptly stepped down after just three months on the job , bringing fresh upheaval GameStop disappointed investors with its profit outlook earlier this year, extending a long slump for the stock. The shares fell anew on Friday after the CEO

GameStop ’s chief executive officer , Michael Mauler, has called it quits after three months on the job . Citing “personal reasons,” Mauler is abandoning his role immediately and handing it off to the company’s 70-year-old co-founder, Daniel DeMatteo, who will oversee things until a new leader is

GameStop CEO Michael Mauler abruptly stepped down after just three months on the job, bringing fresh upheaval to a retailer that’s struggling to revive growth.

The board appointed Daniel DeMatteo, GameStop’s 70-year-old co-founder, to run the business while it searches for a new leader. Mauler resigned for personal reasons, the company said.

“Given my tenure and familiarity with the company and our associates, it’s a natural step for me to assume this role and guide the business at this time while the board searches for a permanent CEO,” DeMatteo said in a statement.

Mauler’s quick exit follows another shake-up in February, when the company fired two high-ranking executives, including Chief Operating Officer Tony Bartel. GameStop disappointed investors with its profit outlook earlier this year, extending a long slump for the stock. The shares fell anew on Friday after the CEO change, tumbling as much as 4.3 percent to $12.47.

The company, which is the largest independent retailer of video games, is struggling to adapt to a world where software is often delivered online. As part of its comeback efforts, GameStop has ramped up its e-commerce operations and added more toys and collectibles. It also acquired hundreds of AT&T wireless stores in 2016 to help reduce its dependence on video games.


How a Russian oligarch linked to Trump lawyer Michael Cohen turned a California state park into a mini Moscow .
Viktor Vekselberg has been banned from doing business in America under U.S. sanctions. But as of this week, he was still the chairman of a U.S. nonprofit group that boasts support from a few Fortune 100 corporations and one of Trump's top advisors.Named for Renova Group, Vekselberg's sanctioned Russian holding company, the Renova Fort Ross Foundation was established in 2010 to preserve an unlikely historic landmark: a California state park situated along the state's wild northern coastline two hours north of San Francisco. The park contains a 19th-century fort built by early Russian settlers in America. At the Kremlin's request, Vekselberg delivered it from dire financial straits.

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