{"id":560820,"date":"2021-06-11T12:07:26","date_gmt":"2021-06-11T16:07:26","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=560820"},"modified":"2021-06-11T12:07:28","modified_gmt":"2021-06-11T16:07:28","slug":"gamestop-poaches-its-new-ceo-and-cfo-from-amazon-looking-to-compete-in-e-commerce-space","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gamestop-poaches-its-new-ceo-and-cfo-from-amazon-looking-to-compete-in-e-commerce-space\/","title":{"rendered":"GameStop Poaches Its New CEO And CFO From Amazon, Looking To Compete In E-Commerce Space"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fgamestop-poaches-its-new-ceo-and-cfo-from-amazon-looking-to-compete-in-e-commerce-space%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=560820&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-1230921813-1200x800-1.jpg\" class=\"ff-og-image-inserted\"  style=\"display:none\"><\/div>\n<p><span>According to its earnings release earlier this week, GameStop has poached its new chief executive (CEO) and chief financial officer (CFO) from Amazon, looking to continue to grow its e-commerce business model as it moves away from store-based locations.<\/span><\/p>\n<p><span>Matt Furlong replaces former GameStop CEO George Sherman, while Mike Recupero comes in as CFO.<\/span><\/p>\n<p><span>\u201cGameStop today announced the appointments of Matt Furlong as Chief Executive Officer and Mike Recupero as Chief Financial Officer. Messrs. Furlong and Recupero join from Amazon, where they held senior roles and oversaw various growth initiatives during their respective tenures. The Company is continuing to actively pursue senior talent with gaming, retail and technology experience,\u201d GameStop announced via a <\/span><a href=\"https:\/\/news.gamestop.com\/news-releases\/news-release-details\/gamestop-releases-first-quarter-2021-financial-results\"><span>press release<\/span><\/a><span>.<\/span><\/p>\n<p><span>\u201cIn recent months, GameStop \u2014 which has been a darling of internet retail stock traders this year \u2014 has undergone a major executive shakeup at the direction of Ryan Cohen, the billionaire Chewy.com founder who invested heavily in GameStop last year and joined its board in January,\u201d explained <\/span><a href=\"https:\/\/www.cnn.com\/2021\/06\/09\/tech\/gamestop-new-ceo-cfo\/index.html\"><span>CNN<\/span><\/a><span>. \u201cOn Wednesday, Cohen was confirmed as chairman of GameStop\u2019s board during the company\u2019s annual shareholder meeting.\u201d<\/span><\/p>\n<p><span>According to reports, many other recent hires come from either Amazon or Cohen\u2019s Chewy.com, including \u201cits first-ever chief technology officer, a new chief operating officer, a new senior vice president of e-commerce.\u201d<\/span><\/p>\n<p><span>In the first quarter of 2021, GameStop reported a net sales growth of 25% to $1.3 billion, the company reported.<\/span><\/p>\n<p><span>\u201cNet sales increased 25.1% to $1.277 billion, compared to $1.021 billion in the fiscal 2020 first quarter, overcoming a nearly 12% reduction in the Company\u2019s global store base due to strategic de-densification efforts, and continued store closures across Europe due to the COVID-19 pandemic,\u201d GameStop wrote. \u201cGross margin was 25.9%, a decline of 180 basis points compared to the fiscal 2020 first quarter.\u201d<\/span><\/p>\n<p><span>Following a Reddit \u201cfrenzy\u201d which fueled massive turbulence in GameStop stock, Loop Capital analyst Anthony Chukumba reportedly dropped his coverage of GameStop, and told CNBC that the gaming retailer\u2019s problems will continue regardless of its hiring decisions.<\/span><\/p>\n<p><span>\u201cIt\u2019s great that these guys worked at Amazon. Amazon is a very successful retailer that I do cover, that I\u2019m very familiar with, but at the end of the day, GameStop\u2019s problems have very little, if anything, to do with e-commerce,\u201d Chukumba said on CNBC\u2019s \u201c<\/span><a href=\"https:\/\/www.cnbc.com\/closing-bell\/\"><span>Closing Bell<\/span><\/a><span>.\u201d\u00a0<\/span><\/p>\n<p><span>\u201cTheir problem is not that they\u2019re not a good omnichannel retailer. The problem is that gamers are increasingly downloading video games,\u201d he added. \u201cLook, they can hire Jeff Bezos when he comes back from space. \u2026 It\u2019s not going to make a difference. The symptoms are not aligned with the medicine that the doctor is giving them. You can hire anyone you want from Amazon \u2014 not going to make a difference.\u201d<\/span><\/p>\n<p><span>As <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/06\/09\/gamestop-gme-earnings-q1-2021.html\"><span>CNBC<\/span><\/a><span> noted, \u201c<\/span><span>GameStop\u2019s shares are up 1,506% so far this year. Its shares have swung from a 52-week low of $3.77 to a 52-week high of $483. As of Wednesday\u2019s close, shares were $302.56. Its market value is $21.41 billion.\u201d<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to its earnings release earlier this week, GameStop has poached its new chief executive (CEO) and chief financial officer (CFO) from Amazon, looking to continue to grow its e-commerce &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2280021,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-1230921813-1200x800-1.jpg","fifu_image_alt":"GameStop Poaches Its New CEO And CFO From Amazon, Looking To Compete In E-Commerce Space","footnotes":""},"categories":[],"tags":[],"class_list":["post-560820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-1230921813-1200x800-1.jpg","fifu_image_alt":"GameStop Poaches Its New CEO And CFO From Amazon, Looking To Compete In E-Commerce Space","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/560820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=560820"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/560820\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2280021"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=560820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=560820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=560820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}