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GameStop's CFO is resigning as the company attempts a 'transformation' led by activist investor Ryan Cohen (GME)

Published by Business Insider on Wed, 24 Feb 2021


<p><img src="https://static2.businessinsider.com/image/60171eb76dfbe10018e00f8a-2400/GettyImages-1229823860.jpg" border="0" alt="gamestop store ps5" data-mce-source="Aimee Dilger/SOPA Images/LightRocket via Getty Images"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Just under two years since he joined GameStop as Chief Financial Officer, Jim Bell is resigning as of this week.</p><p><a href="https://news.gamestop.com/news-releases/news-release-details/gamestop-announces-resignation-cfo-and-succession-plan-support">In a press release</a>, GameStop said it is looking for a new executive to take Bell's place. The candidate should have, "the capabilities and qualifications to help accelerate GameStop's transformation," the release said.</p><p>Senior Vice President and Chief Accounting Officer Diana Jajeh will serve as interim Chief Financial Officer while the company searches for a permanent replacement.</p><p>Bell was part of a new executive team chosen to lead GameStop out of <a href="https://www.businessinsider.com/gamestop-ceo-cfo-reveal-plan-stock-price-2019-9">dire financial straits in 2019</a>, alongside CEO George Sherman. Bell oversaw GameStop's financials during an especially bizarre period of the company's long history: From historically low stock values in much of 2019 and 2020, to the explosive bubble of early 2021, and throughout the ongoing coronavirus pandemic.</p><p>GameStop's executive team has come under increased scrutiny as activist investor Ryan Cohen bought up a major stake in the company in 2020. <a href="https://www.businessinsider.com/gamestop-adds-chewy-ryan-cohen-wall-street-darling-to-board-2021-1">Cohen now occupies a space on the company's board</a>. In November 2020, Cohen published an open letter to GameStop shareholders that criticized Sherman, Bell, and the rest of GameStop's executive leadership team.</p><p>"Through our private conversations, we have explained to Mr. Sherman and the Board that GameStop has the ability to pivot toward becoming a technology-driven business that excels in the gaming and digital experience worlds," <a href="https://www.sec.gov/Archives/edgar/data/1326380/000101359420000821/rc13da3-111620.pdf">Cohen wrote in the letter</a>. "But this pivot requires the type of strategic vision that has not yet taken hold in the c-suite or boardroom."</p><p>It appears that this is the "transformation" that GameStop is referring to in the press release announcing Bell's resignation, but a request for clarification to GameStop went unanswered as of publishing.</p><p><em><strong>Got a tip'</strong>&nbsp;Contact Insider senior correspondent Ben Gilbert via email (<a href="mailto:bgilbert@insider.com" data-analytics-module="body_link" data-analytics-post-depth="100">bgilbert@insider.com</a>),</em><em>&nbsp;or Twitter DM (<a href="https://twitter.com/RealBenGilbert" data-analytics-module="body_link" data-analytics-post-depth="100">@realbengilbert</a>). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by email only, please.</em></p><p><strong>SEE ALSO:&nbsp;<a href="https://www.businessinsider.com/chewy-cofounder-ryan-cohen-plan-to-revive-gamestop-2021-2" >Ryan Cohen made millions when Chewy got acquired. Now the millennial entrepreneur has a plan to turn around GameStop.</a></strong></p><p><a href="https://www.businessinsider.com/gamestop-cfo-jim-bell-suddenly-resigning-2021-2#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/pikes-peak-hill-climb-colorado-most-dangerous-racetrack-2020-2">Why Pikes Peak is the most dangerous racetrack in America</a></p>
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