GameStop's chief financial officer steps down
GameStop, the video game retailer that found itself at the center of an unprecedented stoc
The company said Jim Bell, the executive vice president and CFO, will be resigning from his roles on March 26.MORE: Reddit, Robinhood and hedge fund CEOs testify at House hearing on GameStop saga
GameStop said that it has begun searching for a new CFO "with the capabilities and qualifications to help accelerate GameStop’s transformation" in a statement announcing Bell's resignation. If a permanent replacement is not found by Bell's departure date, the company said it will appoint Diana Jajeh, the chief accounting officer, as interim CFO.GamestopJim Bell, Executive Vice President and Chief Financial Officer for GameStop is pictured in this image displayed on the Gamestop website. He was was appointed to this role in June, 2019.MORE: GameStop timeline: A closer look at the saga that upended Wall Street
The Texas-based company did not cite a reason for Bell's resignation, but expressed thanks in a statement for his leadership, especially during the COVID-19 pandemic.
The CFO's departure, however, comes after the company's stock saw a meteoric rise -- and ultimate fall -- late last month in a saga that is already being turned into a Hollywood movie.MORE: Alexandria Ocasio-Cortez reacts to Ted Cruz's tweet on GameStop: 'You almost had me murdered'
An army of individual investors loosely organized on a Reddit forum pushed shares of the retailer to new heights in a move that brought hedge funds shorting the stock to their knees.
As the stock soared, however, retail investing platforms including Robinhood abruptly placed temporary restrictions on GameStop stock transactions.Spencer Platt/Getty ImagesPeople walk by a GameStop store in Brooklyn on Jan. 28, 2021 in New York City.
The saga culminated in a House hearing last week, where lawmakers summoned some of the key players in the drama, including the CEOs of Robinhood and Reddit as well as individual investor Keith Gill (also known as "RoaringKitty" online).
Despite capturing the attention of the nation, GameStop has taken some heat from critics for not further capitalizing on the massive gains created during the stock market frenzy. In January, GameStop went from trading at less than $20 a share to reaching an intraday peak of $483 a share within a matter of weeks.
On Wednesday morning, GameStop stock was trading at approximately $47 a share.
Source : abcnews.go.com