mcloudyn.png
Wednesday August 4th, 2021 2:22AM

GameStop names Amazon veterans as CEO, finance chief

By The Associated Press

NEW YORK (AP) — GameStop, the video-game retailer whose manic stock movements captivated Wall Street this year, said Wednesday that it’s brought on a pair of Amazon veterans as its new chief executive and chief financial officer to aid in its much anticipated digital turnaround.

Matt Furlong, who most recently oversaw Amazon’s Australia business and spent nine years with the company, will start as CEO on June 21. GameStop also said that Mike Recupero, who most recently was CFO of Amazon's North American consumer business, will begin as chief financial officer on July 12.

GameStop’s stock has been on a wild rocket ride, soaring more than 1,500% this year as waves of smaller-pocketed investors piled in on hopes that it can transform itself into an e-commerce powerhouse after seeing sales of video games at its brick-and-mortar stores falter. Investors pinned much of their hope on Ryan Cohen, a major investor who co-founded Chewy, the online seller of pet supplies.

GameStop became the face of the “meme stock” craze early this year, when a fanatical band of smaller-pocketed and novice investors encouraged each other to pile in. That helped trigger a “short squeeze,” which sent the stock flying.

Professional investors had sold much of GameStop’s stock “short,” essentially making bets that would profit if its price were to fall. They were skeptical GameStop had a bright future given how the migration of video-game sales toward online channels and away from GameStop's stores. But after the stock began rising sharply, those short sellers had to buy GameStop shares to get out of their bets, which created a feedback loop further goosing the share price.

The stock set a record closing high of $347.51 in late January, but it sank back below $41 within a few weeks. It’s since begun climbing again and closed Wednesday at $302.56.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Hawks remain confident vs 76ers despite Embiid's dominance
The Atlanta Hawks’ recent home success provides good reason for optimism in their Eastern Conference semifinal series against the Philadelphia 76ers
5:10PM ( 3 minutes ago )
Pacers fire Bjorkgren as coach after just 1 season
The Indiana Pacers have fired Nate Bjorkgren after missing the playoffs in his only season as coach
5:03PM ( 10 minutes ago )
AP Top 25 Podcast: UGA's title quest; Northwestern's AD mess
Georgia might have the most talented roster in the country heading into the college football season
5:03PM ( 10 minutes ago )
Associated Press (AP)
Gucci digitally outfits Gen-Z in metaverse foray with Roblox
Anyone whose virtual alter ego is wandering around the Roblox online game platform these days might run into other avatars sporting Gucci handbags, sunglasses or hats
4:42PM ( 32 minutes ago )
Have an Echo device? Amazon may help itself to your Wi-Fi
Amazon wants you to share your internet connection
4:41PM ( 32 minutes ago )
The Latest: Canada looks to ease travel quarantine rules
Canada’s health minister says fully vaccinated Canadian citizens and permanent residents who test negative for COVID-19 will soon be exempt from a two-week quarantine when returning to the country
4:03PM ( 1 hour ago )
AP Business
JBS settles Muslim discrimination lawsuit for $5.5 million
JBS Swift & Company will pay up to $5.5 million to settle a lawsuit that claimed the meatpacking company discriminated against Muslim employees at its beef processing plant in northern Colorado
3:24PM ( 1 hour ago )
DEA: Companies had 'systematic failure' in monitoring pills
A retired high-ranking official with the Drug Enforcement Administration has testified that three large opioid distributors had a “systematic failure” in monitoring suspicious pill orders
2:57PM ( 2 hours ago )
US stock indexes are mixed, while 'meme' stocks swing again
Stocks were mixed Wednesday, as modest gains from health care and big technology companies offset declines in banks and other parts of the market
2:44PM ( 2 hours ago )
AP Business - Corporate News
Hawks remain confident vs 76ers despite Embiid's dominance
The Atlanta Hawks’ recent home success provides good reason for optimism in their Eastern Conference semifinal series against the Philadelphia 76ers
5:10PM ( 3 minutes ago )
Newspaper gunman weighed 'Timothy McVeigh-style' attack
Attorneys say the man who killed five people at a newspaper in Maryland told a state psychiatrist he wanted to destroy a building “Timothy McVeigh-style” and that there was “no defense” for the crimes he committed
5:00PM ( 14 minutes ago )
GameStop names Amazon veteran as CEO; sales accelerate
GameStop, the video-game retailer whose manic stock movements captivated Wall Street this year, said Wednesday it’s brought on a pair of Amazon veterans as its new chief executive and chief financial officer to aid in its much anticipated digital turnaround
4:54PM ( 19 minutes ago )
US indexes end lower; more volatility for online favorites
Stocks gave up an early gain and turned lower in the last half-hour of trading Wednesday, leaving major indexes with modest losses
4:54PM ( 19 minutes ago )
Military relieves general of duties, cites tank sinking
The Marine Corps says it's relieving a general of his duties for failing to properly train Marines and sailors and evaluate the platoon before an exercise last summer when their seafaring tank sank off the Southern California coast
4:53PM ( 20 minutes ago )