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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.


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