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GameStop CFO Departs Amid Cut-Costing Drive, Web3 Pivot

Finance

www.coindesk.com 08 July 2022 12:55, UTC
  
Reading time: ~2 m

GameStop (GME)'s chief financial officer (CFO) Mike Recupero has departed the video game retailer amid a cost-cutting drive following a hiring spree in the last 18 months.

Recupero served as the firm's CFO since last June and will be replaced by Chief Accounting Officer Diana Jajeh.

In a letter to employees, CEO Matt Furlong said the firm's focus has turned to "eliminating excess costs and operating with an intense owner's mentality."

GameStop hired more than 600 people since the start of 2021, but the firm is now looking to reverse this headcount expansion in order to operate more efficiently.

GME shares on the New York Stock Exchange are down 6% at $126,97 in pre-market at the time of writing.

The video game retailer has been making steps into Web3 over the last year, developing a digital asset wallet for storing crypto and non-fungible tokens (NFTs) ahead of its planned launch of a NFT marketplace later this year.

The company reported proceeds of $76.9 million from digital asset sales in its latest quarterly results at the start o June. It remains to be seen to what extent the crypto bear market's onset will eat into this and if it will change GameStop's plans in this area.

According to Furlong's letter however the company intends to develop new products within digital assets and Web3.

GameStop did not immediately respond to CoinDesk's request for further comment.

Read more: Crypto Lender Celsius Cuts 150 Jobs Amid Restructuring: Report


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