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Wallstreetbets: Gamestop's CFO resigns

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It is not known whether the resignation of the Gamestop CFO is related to the massive fluctuation in the share price. The search for a successor is already underway.

The video game retailer Gamestop, which caused a sensation in January due to extreme price volatility in the financial market, has to look for a new CFO. The current incumbent and vice president, Jim Bell, will vacate the post on March 26, 2021, the company announced on Tuesday after the US market closed. The company has already started looking for a capable successor, according to Gamestop. If someone cannot be found in time who is suitable for the post, the previous chief accountant Diana Jajeh will first take over the duties of chief financial officer.

One The company did not name the reason for Bell’s resignation. It is currently not known whether this is directly related to the massive price fluctuations. But beyond that, Gamestop has been in a financial crisis for a long time. However, the company is working on a transformation strategy.

Driven by hobby investors organized on the Internet, the shares of the video game retailer had rallied a breathtakingly last month. That in turn broke billions in losses for some hedge funds that had bet on a price decline. That was also the declared aim of the small investors organized, among other things, via the Reddit forum Wallstreetbets.

At the end of January the share had a record high of over 483 US dollars -Dollars reached, but the soaring was quickly over; Most recently, the price was just under 45 dollars – which is still significantly more than last year. However, Gamestop was unable to financially use the extremely high price. For example, the company decided against issuing new shares. The resignation of the CFO caused further losses after the hours of trading.

Author of the article is Sebastian Grüner.

More on the subject:

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Derrick Santistevan
Derrick is the Researcher at World Weekly News. He tries to find the latest things going around in our world and share it with our readers.

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