GameStop fires CFO, shares fall


 A person walks past a GameStop store in Manhattan, New York City, U.S., January 29, 2021. REUTERS/Carlo Allegri.


July 7 (Reuters) - GameStop Corp (GME.N) announced on Thursday that it had terminated the hiring of Chief Financial Officer Michael Recupero, sending shares of the video game retailer down 8 percent in after-hours trading.


Axios, which first reported the exit, also cited a memo saying it was laying off an undisclosed number of employees.


GameStop did not respond to Reuters' request for comment.


Shares closed up about 15% in regular trading after the company announced a 4-for-1 stock split late Wednesday.


Recupero, who previously served as chief financial officer of Amazon's North American consumer business (AMZN.O), will be succeeded by chief accounting officer Diana Saadeh-Jajeh.


GameStop also last year hired Amazon Australia head Matt Furlong as chief executive as part of its focus on online sales in the wake of the pandemic.


Both executives were hired as chairman Ryan Cohen, who drove the largely brick-and-mortar retailer's turnaround and spearheaded a sweeping restructuring of the management team.


The company also launched a digital asset wallet in May for storing, sending, receiving and using cryptocurrencies and non-fungible tokens.


Along with AMC Entertainment Holdings Inc (AMC.N ), GameStop is at the heart of a stock-trading phenomenon in 2021, as retail investors banded together on social media forums to punish hedge funds that shorted stocks.


However, GameStop and other retail darlings fell out of favor as recession fears led to a sell-off and waning interest. Shares of the company have fallen about 21% this year as of Wednesday's close.


💌 Resources and references: reuters.com 🔊 GameStop fires CFO, stock falls..


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