GameStop Replaces CFO, Reportedly Begins Layoffs
GameStop Corp (NYSE: GME) has terminated its chief financial officer with immediate effect. Michael Recupero, the outgoing CFO, will be replaced by Diana Saadeh-Jajeh.
Recupero departs the company roughly a year after having been appointed to the role. Recupero was appointed to the role during a major management shakeup in 2021, when CEO Matt Furlong was just appointed to his role, while Ryan Cohen took on the role of Chairman.
Given that he is classified as having been terminated without cause, Recupero is set to receive six months of his base salary, an amount equal to six months of COBRA premiums, any unpaid sign on bonus installments, as well as the vesting of a portion of his initial equity grant.
Replacing Recupero is Saadeh-Jajeh, the firms Chief Accounting Officer, whom previously held the CFO role on an interim basis prior to the appointment of Recupero. As part of her promotion, she’s set to receive $1.0 million in restricted stock units.
At the same time, the company reportedly is undergoing significant layoffs as reported by Axios, whom cited a company memo. While specific figures were not provided, cuts are expected to occur at GameStop locations as well as at Game Informer as well, with “several corporate departments” included in the headcount reductions.
The move follows the company earlier this week indicating it was proceeding with a 4-for-1 stock split, which will be implemented via a stock dividend.
GameStop last traded at $125.23 on the NYSE.
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