GameStop CFO resigns in wake of trading frenzy
GameStop announced on Tuesday that Chief Financial Officer Jim Bell will be resigning from his role effective March 26.
The company said in a press release that it is searching for a permanent chief financial officer “with the capabilities and qualifications to help accelerate GameStop’s transformation.”
If a replacement isn’t named before Bell’s departure, then the company intends to appoint its chief accounting officer, Diana Jajeh, as interim CFO.
The announcement comes in the wake of the recent controversy involving GameStop’s stocks. GameStop shares swung wildly over the past month when users on the Reddit forum WallStreetBets began buying up shares of the heavily shorted company.
GameStop’s shares increased nearly 1,915 percent between the start of the year and Jan. 27, when it closed at $347.51, CNN noted. The stock is now trading at $45, which is a big drop but still above where it started the year.
The frenzy quickly drew everyone’s attention and also raised questions as to whether any market manipulation may have been involved.
A spokesperson for GameStop declined to comment to The Hill on Bell’s resignation any further than the company’s Tuesday announcement.
However, a person familiar with the firm’s thinking told Reuters that his departure was unrelated to the recent swings in its stocks but was initiated by GameStop. The company had reportedly become dissatisfied with Bell as it seeks to become a technology-oriented business.