Since being saved by Gamestop stock (Gamestonk) viral meme, Gamestop has been given a second chance. GameStop has taken this opportunity to move toward a more online-friendly model. It is the only way for the brand to survive as the years go on.
There has been a significant change at GameStop's executive level. The company has appointed a new CEO and CFO, who have each served as leadership in Amazon. GameStop's hiring of staff from an online retailer shows what the company is trying to accomplish: They want to focus more on online transactions.
Why is GameStop an online venture now?
GameStop Board of Directors welcomed Chewy Inc. cofounder Ryan Cohen in September 2020, and he has made no secret of his plans for GameStop to become a digital retailer. During the same process that brought on Furlong and Recupero, Cohen was appointed Gamestop's board chair.
George Sherman, the outgoing CEO, and Jim Bell, the CFO, helped Gamestop survive the difficulties posed by the COVID-19 pandemic. GameStop, however, appears to be heading in a completely different direction than what they had previously anticipated. In general, they pushed to keep the company brick-and-mortar.
Sadly, this isn't a safe or viable plan. Taking advantage of the recent surge in Gamestop stock price, the company can rebrand and grow.
Who are the new leaders of Gamestop?
Matt Furlong has been chosen as Gamestop's CEO. Furlong will begin his new role on June 21. Furlong has served as Amazon Australia's country manager for the past two years. He was previously GM and Category Leader of Home Improvement at Amazon. He has a lot of e-commerce experience, which GameStop will put to good use right away.
Gamestop has appointed Mike Recupero to the position of CFO. Recovery will officially assume the role on July 12. Recupero is no stranger to Amazon, having served as a long-time executive there as well. Prior to this, Recupero held the position of VP of Finance and CFO for Amazon's North American Consumer business. He has been with Amazon since 1998, serving as Finance Director, Vice President of Finance, and CFO of Prime Video.
There's no telling where Gamestop will go from here, but I hope it doesn't disappear. Personally, I would like Gamestop to be acquired by Amazon so it can go online quickly and survive the next decade.