Dive Brief:
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Videogame retailer GameStop announced Tuesday that it promoted Daniel Moore to the role of principal financial officer, about eight months after he was appointed to serve in the post on an interim basis.
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Moore will continue to serve as GameStop’s principal accounting officer along with his permanent CFO role, which became effective as of Monday, the company said in a Securities and Exchange Commission filing. In connection with the appointment, he signed an offer letter granting him a salary of $160,000 annually, the filing said.
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The appointment comes as GameStop looks to turn around slumping sales. On Tuesday, the company reported net sales fell to $1.79 billion in the fiscal fourth quarter ended Feb. 3 from $2.22 billion in the year-earlier period. The company also announced that it recently eliminated an undisclosed number of jobs to cut costs, Industry Dive sister publication Retail Dive reported.
Dive Insight:
Executive leadership turnover has been a significant challenge for Grapevine, Texas-based GameStop in recent years.
Moore took over the company’s chief finance seat on an interim basis last August, replacing Diana Saadeh-Jajeh, who abruptly resigned from the position after about a year. At the time, the retailer announced her departure in a terse public statement that was silent on why she was leaving. An accompanying SEC filing said the exit “was not because of any disagreement with the company on any matter relating to the company’s operations, policies or practices.”
When Saadeh-Jajeh was appointed, she replaced former CFO Michael Recupero, who was fired in July 2022. Recuperor replaced Jim Bell, who resigned in the spring of 2021.
GameStop has also struggled with churn in other top roles. Last September, the company announced that billionaire activist investor Ryan Cohen was taking over as its CEO, without collecting a salary. That move came after the board abruptly fired its then-CEO Matt Furlong and tapped Cohen to serve as executive chairman.
Since 2015, GameStop's market share in the gaming sector has dwindled and sales have annually declined, as the company has wrestled with tough competition from e-commerce companies such as Amazon, the maintenance of numerous brick-and-mortar stores, and high executive salaries over the past decade, according to financial news website The Street.
