GameStop CEO Resigns, Co-Founder Daniel DeMatteo To Assume Interim Duties

Daniel DeMatteo has been named GameStop Corp. (NYSE: GME) interim CEO for the second time within the past year.

DeMatteo, GameStop's executive chair and one of the company's co-founders, was named interim CEO in November 2017 after CEO Paul Raines sought treatment for a disclosed medical issue; Raines passed away in March.

DeMatteo in early February was replaced with Michael Mauler, a 16-year veteran of the company who served as Executive Vice President and President of International.

But three months into Mauler's tenure, he has resigned for personal reasons, effective immediately. DeMatteo will again serve as interim CEO.

Why It's Important

DeMatteo stated in the press release, "Given my tenure and familiarity with the company and our associates, it's a natural step for me to assume this role and guide the business at this time while the board searches for a permanent CEO. I'm happy to have Rob Lloyd, our CFO, and his 22 years of experience with GameStop alongside me as we work towards executing against our 2018 objectives. We continue to believe in GameStop and the many passionate associates that drive our business and are encouraged by the opportunities ahead of us."

What's Next

Shares of GameStop were trading lower by more than 3.7 percent at $12.54. Wall Street analysts are likely to opine on the management change within the coming days.

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Image credit: By Ezzex - Own work, CC BY-SA 3.0, via Wikimedia Commons