GameStop has announced that Daniel Moore will replace the departing CFO, Diana Saadeh-Jajeh, effective August 11, 2023. Moore will assume the roles of Principal Accounting Officer and interim Principal Financial Officer. The retailer has been facing challenges, reporting a $50.5 million loss in Q1 2023 and dismissing its then-CEO, Matt Furlong, in June 2023.
Diana Saadeh-Jajeh had served as CFO for only a year, taking on the role in July 2022, succeeding Michael Recupero, who reportedly left the company due to concerns about being too “hands off” during a period of layoffs as part of an aggressive turnaround strategy. Both Matt Furlong and Michael Recupero, former Amazon executives, were brought on board in June 2021.
According to GameStop’s filing with the SEC, Saadeh-Jajeh’s resignation was not due to any disagreements with the company on operational matters, policies, practices, or accounting principles.
Daniel Moore, who has been with GameStop since 2021, held the position of VP, Corporate Global Controller. With 18 years of experience in accounting and tax, he previously worked at Elevate Textiles and Roper Technologies.
GameStop’s recent financial performance.
In early 2021, GameStop became a major topic of discussion in the financial world due to a short squeeze initiated by retail investors on Reddit’s WallStreetBets forum. The short squeeze led to significant volatility in the stock price, causing it to experience an astronomical surge in value during January 2021.
Prior to the short squeeze, GameStop had been facing challenges in recent years due to the rise of digital gaming and competition from online retailers. The company had been struggling with declining sales and profitability, leading to the departure of key executives and restructuring efforts.
For a comprehensive and up-to-date analysis of GameStop’s recent financial performance, I recommend checking the company’s official financial statements and reports, as well as reputable financial news sources. The company’s quarterly and annual reports, as well as investor presentations, provide detailed insights into its financial health, revenue, expenses, profits, and other key performance indicators.
GameStop CFO to quit in second top executive exit in two months
The company’s board had in June ousted its fifth CEO in five years, leading some analysts to question whether billionaire investor Ryan Cohen, who is now executive chairman, can turn around GameStop.
The retailer, known for its brick-and-mortar stores, has struggled to deliver on Cohen’s vision to make the company a leading e-commerce firm for videogames and related merchandise.
The company’s shares have dropped about 82% from the $120.75 peak they hit during the meme-stock saga of 2021. (Reporting by Akash Sriram in Bengaluru; Editing by Arun Koyyur)
