NEW YORK, USA (CNN) – After several stormy weeks for GameStop, the company announced Tuesday that its CFO and Executive Vice President Jim Bell will be resigning from his position on March 26th.
GameStop has begun searching for a new CFO “with the capabilities and qualifications to help accelerate the company’s transformation,” referring to the company’s efforts to shift its focus from physical retail to online retail.
The announcement comes after nearly a month of trading frenzy caused by the WallStreetBets page on “Reddit”, which caused a massive rise, and, later, a drop, in “GameStop” shares.
GameStop shares have risen since the start of the year until January 27, when the stock closed at $ 347.51, down roughly 1.915%. GameStop is currently trading at around $ 45, a significant drop but still higher from where it started this year.
The event generated massive publicity for GameStop, drawing the attention of everyone from the White House and Janet Yellen to billionaires like Mark Cuban and Elon Musk.
CNN inquired from the company about the reason for leaving Bell, as a company spokesman said, “GameStop will not provide any further comments at this time regarding the announcement.”
In a press release, GameStop said it “thanks Mr. Bell for his significant contributions and leadership, including his efforts over the past year during the coronavirus pandemic.”