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Former Nintendo President Reggie Fils-Aimé Is Leaving GameStop's Board Of Directors

Reggie Fils-Aimé, who previously served as Nintendo's president, will be leaving GameStop's board of directors later this year.
by Luke Luby on March 26, 2021   

It was less than a year ago that former Nintendo president Reggie Fils-Aimé joined GameStop's board of directors. However, his tenure is coming to an end later this year. The news comes per a recent SEC filing which states that Fils-Aimé and eight other board members will be leaving during the summer. They will depart during the company's 2021 annual meeting.

James Symancyk, who serves as PetSmarts president and chief executive officer, will also be departing from the board, as will former Walmart US CEO William Simon. In the filing, the company notes that the turnover in board members may prove disruptive to operations. That's especially true if the gaming retailer doesn't attract and retain new members. As the company notes:

Turnover among our Board may disrupt our operations, our strategic focus or our ability to drive stockholder value. If we fail to attract and retain new skilled personnel for our Board, our business and growth prospects could disrupt our operations and have a material adverse effect on our operations and business.

Reggie Fils-Aimé's leaving the company may be the most surprising. He only joined the company several months ago; at the time, he said that the gaming community needed GameStop to thrive. He also noted his excitment at joining the firm. Taking to Twitter at the time, Mr. Fils-Aimé said:

The gaming industry needs a healthy and vibrant GameStop. I look forward to being a part of [the GameStop board of directors] and helping to make this happen.

The following months naturally proved to be quite an eventful one for the company. Not only did Wall Street speculators start short-selling the stock, but Reddit responded in a typically trolling manner. Not only did stock prices climb drastically - at one point hitting over $340 per share - but they stull remain much higher than they were trading this time last year. However, that hasn't had much of an impact on the company's fortunes.

In contrast, GameStop's most recent annual filings show a decline in revenues from the previous year. That's despite a recent uptick in gaming sales overall, though much of this has been through online retailers.

 

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