GameStop on Thursday announced that it had fired its Chief Financial Officer and laid off a number of its employees as the video game giant seeks to reshape the company.
GameStop shares are down more than 5% in remarket trading.
The announcement that GameStop was firing CFO Michael Recupero was first reported by Axios, citing an internal memo.
GameStop confirmed the news in a release, announcing the appointment of its new Chief Financial Officer, Diana Saadeh-Jajeh. The company said Saaded-Jajeh previously held the role on an interim basis in 2021. More recently she served as the Company’s Chief Accounting Officer.
Recupero was previously chief financial officer of Amazon's North American consumer business. Last year, GameStop tapped Amazon Australia’s head, Matt Furlong, to be its chief executive officer. Chairman Ryan Cohen hired both executives as part of the company’s push to move from a largely brick-and-mortar retailer to an online operation.
The company also launched a digital asset wallet in May to store, send, receive and use cryptocurrencies and non-fungible tokens.
GameStop, along with AMC Entertainment Holdings, made headlines last year when retail investors banded together to punish hedge funds that had bet against the stock as part of the meme-stock trading phenomenon.
Reuters contributed to this report.