GameStop Corp
GameStop Corp. $GME: $183.51(0.36%) , the world’s largest video game retailer saw a fall of almost 1% in its shares during after-hours trading as the company ousted Jenna Owens, just after seven months of hiring her from Amazon. Inc for the role of a chief operating officer.
Since the hiring of Matt Furlong, back in June this year, as the new chief executive officer, Owens exit would be the first major executive departure at GameStop.
Owens had formerly worked at Amazon, and Google, and was appointed to this role in March of 2021. In her role at Gamestop as COO, she was responsible for overseeing business intelligence, fulfillment, supply chain, and store operations.
She was one of the IT veterans hired by Ryan Cohen, the co-founder and former CEO of e-commerce company Chewy, as he built the framework for the company’s transformation into an e-commerce giant.
Cohen and two other former Chewy executives joined the GameStop board earlier this year, just before retail investors ignited the meme stock frenzy, driving the stock up more than 2,500%. The stock of GameStop has lost some of its gains, and the corporation now has roughly a market cap of $14 billion.
Since becoming coordinator in June, Cohen has worked aggressively to enhance the customer experience but has not categorically sketched out plans for GameStop’s digital transition.
The world’s largest video game retailer business of selling video games for consoles faces a bottleneck competition from streaming services such as Apple Inc, which allows users to play video games on their TV sets without needing a console.
Coming back to Owens’ departure, no reason has been provided by the company.
The company said in a regulatory filing that it and Owens had reached a “separation agreement,” and that her responsibilities would be taken over by other seniors on the management team. She will be entitled to six months of her base pay and the rest of her signing bonus as part of the agreement, the filing said.
Gamestop
On the dashboard of Quantale, the social engagement for the stock market, among the users of Twitter and Reddit fell by about 20% combined with an increase of nearly 30 % in the trading volume.
A total of 2.28 million shares of the stock exchanged hands, 0.55 million above the average of 2.83 million.
Shares of GameStop closed at $183.51 apiece on Friday. The stock traded as high as $483 apiece this year after falling below $18 in January.
Public records and filings show that the company has hired several new executives with experience in supply chain and technology from companies including Chewy and e-commerce company Zulily.
