GameStop Fires Top Executive, Layoffs Include Staff At Game Informer
Video game retailer GameStop, which is in the process of pivoting its business around crypto, has fired one of its top executives and laid off a number of staff, including members of Game Informer.
In a filing with the US government, GameStop said it «terminated» CFO Michael Recupero effective immediately. Recupero started as GameStop CFO just about a year ago in June 2021.
In its filing, GameStop said Recupero was fired «without cause,» but the company did not share any further details around the nature of circumstances of his exit. Recupero is not getting a severance payment beyond what was in his initial offer letter, but he is entitled to certain pay, rights, and benefits that were not disclosed in the filing.
Diana Saadeh-Jajeh, who was previously SVP and Chief Accounting Officer, is taking on the role of CFO. She will be paid an annual salary of $200,000 and is eligible for a «transformation bonus» in the amount of $1.965 million, to be paid in bi-weekly installments over a two-year period that started August 1, 2021. Saadeh-Jajeh also retains her original equity and cash incentive awards from her previous contract, as well as an additional grant of $1 million worth of GameStop stock.
In a memo to staff obtained by CNN, GameStop CEO Matt Furlong said the company hired more than 600 people for corporate positions in 2021 and the first half of 2022. The company also opened corporate offices in Seattle, Boston, and Pembrook Pines, Florida in 2021. In March, GameStop said it had 12,000 full-time employees and as many as 28,000 part-time workers at its stores around the world.
Separately, Kotaku cited Furlong's memo to staff pertaining to «reductions» to staffing levels to help the company work more «nimbly.»
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