GameStop: chief financial officer leaves, layoffs planned

According to a media report, the video game retailer GameStop has to look for a new chief financial officer. Mike Recupero has left the US company, reports the politics and news website Axios, citing a company memorandum. An Axios reporter wrote on Twitter that Recupero would be replaced by the head of accounting, Diana Jajeh. GameStop is also laying off employees.

GameStop stock fell eight percent after the report. GameStop was initially unavailable for comment. The shares had previously gone 15 percent higher from regular trading on Wall Street after the announcement of a stock split. GameStop is one of the so-called “meme stocks” that small investors in relevant Internet forums, such as Reddit, call on each other to buy. This has affected hedge funds in the past, which had speculated on a price decline by short selling.

Reference-www.krone.at