GameStop’s Chief Financial Officer (CFO) Jim Bell has announced his resignation from the position. His exit is slated for the 26th of March and he will be receiving a very satisfactory severance package of $2.8 million.
The sudden departure is a new turn of events in what has been a very eventful period for GameStop. From struggling to survive in a post COVID-19 environment to seeing their stocks surge to historical highs because of the Reddit WallStreetBets saga.
Jim Bell had held his position since 2019 after leaving a similar position at holding company WOK Holdings. He had replaced Rob Lloyd who had been with GameStop for an incredible 20 years. Upon joining, Bell had a salary of $700,000 per year, received a signing bonus of $50,000 and was also eligible to receive additional bonuses approximately equal to his salary. As he has resigned from the company with “good reasons”, he will also be receiving his $2.8 million severance package.
The company has not yet found a replacement for Bell, but has stated that if they are unable to do so by the 26th of March, they shall appoint Senior VP and Chief Account Officer Diana Jajeh to the position. Jajeh will serve as the CFO until a new one is found to fill the role.
No specific reason for Bell’s departure has been released, it is speculated the events have occurred due to the upheavals occurring behind-the-scenes at the company. The company had earlier tried to assuage the continuously growing losses by entering a multi-year partnership with Microsoft. This partnership reportedly did not help with the losses GameStop was suffering and now Bell is making an exit.
What new events await the gaming company in the coming future is yet to be seen, but there are already movies being planned around the stock saga it just endured. Maybe Bell’s exit will play into the drama of the plot as well!
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