Gamestop Announces Management Reshuffle

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Gamestop Announces Management Reshuffle

May 31, 2019

By: John Quilty

 
 

After 23 years, Gamestop COO and CFO, Rob Lloyd, is leaving the company. This comes as part of a larger management change as reported by gamesindustry.biz.

Under this reshuffle, the position of COO will be outright eliminated, and former Wok Holdings CFO James Bell will become Lloyd’s replacement as CFO. He will also be appointed Executive Vice President (EVP).  Frank Hamlin will be appointed EVO and Chief Commercial Officer (CCO). Gamesindustry.biz notes that he has “more than 25 years experience in retail marketing, strategy, customer loyalty, and e-commerce”. These changes will take effect on June 3.

On June 10, the role of Chief Marketing Officer (CMO) will be filled by Chris Homeister, formerly CEO of The Tile Shop and previously of multiple roles at Best Buy.

This reshuffle comes at a time when Gamestop is struggling, as are many other brick and mortar retailers. In January, their stock tumbled 26 percent when they announced that they had to abandon plans to sell the company. Their fiscal results have also not been good, showing large losses during their earnings report in April, reporting a loss of $673M USD.

 
 

To keep afloat, the company has previously announced some changes, such as a new focus on selling physical collectibles and closing stores when possible. As of this writing, Gamestop’s stock sites at $7.46 USD, down from a 2019 high of $15.98 on January 9.


Quick Take

The new management is going to need some good luck and good plans. Retail as a whole in the US is struggling, and Gamestop is going to be struggling more than most because of its customer base and product. The customer base is more likely to embrace online shopping, and digital distribution has grown to the point Microsoft now offers an all-digital version of the Xbox One S.
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Staff Writer

I've been a lover of video games, writing, and technology for as long as I remember. I have a B.A. in English from the University of Illinois at Urbana-Champaign and I'm happy to write about gaming and technology for TechRaptor.

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