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GameStop raids Amazon executive ranks for new chief executive

GameStop, the video game retailer trying to pull itself into the digital sales era, named a new chief executive and head of finance that have worked at Amazon, continuing its raid on the executive ranks of the ecommerce group.

The company, whose shares have been at the centre of a social media-fuelled trading mania, said on Wednesday that Matt Furlong would lead the company from later this month.

Furlong previously oversaw Amazon’s Australia business and was a technical adviser to the head of the ecommerce company’s North America consumer business.

GameStop also appointed Mike Recupero, a 17-year veteran at Amazon, to be its chief financial officer.

Texas-based GameStop announced in April that current chief George Sherman would step down by the end of July, part of a broader shake-up aimed at accelerating its push into ecommerce and to reverse a years-long decline in sales.

Ryan Cohen, its largest shareholder and the co-founder of Chewy.com, was elected chair of GameStop on Wednesday, having earlier been tapped to lead the company’s digital efforts.

Cohen’s arrival on the board in January helped stoke the enthusiasm among day traders that drove the stock to all-time highs.

Earlier this year, GameStop appointed Jenna Owens, a former Amazon and Google executive, as its chief operating officer and Matt Francis, also from Amazon, as its first chief technology officer.

GameStop’s net sales rose 25 per cent year on year to $1.28bn in the three months to the start of May, the company said on Wednesday, a jump that reflected how the year-ago quarter was hit by store shutdowns because of the coronavirus pandemic.

The company said trends in the current quarter “continue to reflect momentum”, as May sales increased about 27 per cent over last year.

GameStop shares, which are up 1,377 per cent so far this year, fell 8 per cent in after-hours trading.


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