Most of GameStop's board to step down
Eight members of GameStop's board of directors will leave the company after the gaming retailer's annual meeting in June, according to a new filing.
Why it matters: The "significant changes" will ensure a near-total transformation of board leadership for a company riding a stock market rollercoaster. It also affirms that new board members, led by Chewy co-founder Ryan Cohen, will chart the company's future.
The planned exits, first reported by the Wall Street Journal, include Reggie Fils-Aimé, who was appointed to the board last March and who had previously become a gaming industry celebrity as the long-time president of Nintendo's American division.
- Also leaving is Kathy Vrabeck, a former executive at Activision. Her plan to exit was announced in January.
- That will leave the board with far less games industry expertise.
Between the lines: Cohen has been calling for a company shake-up since late last year, pushing for a shift to digital sales.
- In early March, GameStop announced that Cohen would chair a "strategic planning and capital allocation committee" to figure out the company's future. None of the eight departing board members were on it.