GameStop stock bounces back after CFO resignation – CNET

GameStop retail store

GameStop has a 1-up in the stock market.

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GameStop’s stock price shot up by Wednesday afternoon by more than 100% following news on Tuesday that Jim Bell, the retailer’s chief financial officer, is resigning. Bell will resign from GameStop on March 26, the company said in a release. Diana Jajeh, GameStop’s current senior vice president, will serve as interim CFO while the company searches for a permanent replacement.

Bell didn’t leave the company willingly, according to Business Insider. He was reportedly pushed out by the board over a lack of faith and an initiative to reshape the company by Ryan Cohen, co-founder of Chewy, who made a large investment in the video game retailer last year. 

GameStop’s share price closed at $91.71, but it continued to climb in after-hours trading to a high of nearly $200. It has since settled to approximately $148 although it continues to move. 

The video game retailer saw its stock price skyrocket at the end of January thanks to a push by traders on the subreddit r/WallStreetBets, reaching a peak of around $480. It has since continued to drop, losing much of its value. Shares opened at $44.70 Wednesday morning. 

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