Markets
GME

GameStop Poaches 2 More Amazon Execs to Fill CEO, CFO Roles

GameStop (NYSE: GME) continues to pack the C-suite with former Amazon (NASDAQ: AMZN) executives as it builds out a path to become the "Amazon of gaming," this time adding Matt Furlong as its new CEO and Mike Recupero as CFO.

That brings to five the number of executives the video game retailer has poached from the e-commerce behemoth. Previously it added Jenna Owens as chief operating officer, Matt Francis as chief technology officer (a new position for GameStop), and Elliott Wilke as chief growth officer.

Chewy co-founder Ryan Cohen, who has led the massive overhaul of the video game company, is overseeing e-commerce and was formally appointed chairman of the board of directors on Wednesday.

Man playing online video game

Image source: Getty Images.

The strategy is to convert GameStop from being primarily a bricks-and-mortar retailer into a digital video game marketplace.

Last year, Cohen -- through his RC Ventures private equity firm, which owns 13% of the video game retailer's stock -- called on GameStop to sell off its underperforming stores, keep only those that were profitable, and begin the transformation to meet the new reality of gaming's move toward digital and downloads. He said GameStop needed to become the Amazon of gaming.

Many executives also began bailing on the company, followed by directors who said they would not stand for reelection. Cohen took on a more active role in the company.

While all this was occurring, GameStop became a cause celebre for the WallStreetBets subreddit crowded, who banded together to drive the retailer's stock higher in a bid to thwart hedge funds that had heavily shorted the stock. At one point, the stock soared some 1,800%, and at over $300 per share today, it is 6,000% above where it was one year ago.

10 stocks we like better than GameStop
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and GameStop wasn't one of them! That's right -- they think these 10 stocks are even better buys.

See the 10 stocks

*Stock Advisor returns as of June 7, 2021

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Rich Duprey has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Amazon. The Motley Fool recommends Chewy, Inc. and recommends the following options: long January 2022 $1,920 calls on Amazon and short January 2022 $1,940 calls on Amazon. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

GME AMZN

Latest Markets Videos

    The Motley Fool

    Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

    Learn More