It was announced on Friday that after almost 23 years with Gamestop, Rob Lloyd, COO and CFO for the company, is stepping down.
Lloyd’s departure from Gamestop forms part of a larger change to management, which will see the role of COO eliminated. The changes are a result of the challenging climate Gamestop has faced in recent years as digital game sales make them more and more redundant.
The role of CFO and Executive Vice President (EVP) is to be filled by James Bell, former CFO for Wok Holdings. He will start this new position with Gamestop on June 3, 2019. Bell’s CV includes previous roles as EVP and CFO for RHL Corporation and Coldwater Creek.
A newly created role of EVP and CMO has also been filled. Chris Homeister will be taking on these roles from June 10, 2019. Most recently Homeister has been serving as President and CEO of The Tile Shop, and previous to this he has been in a number of senior positions with Best Buy.
The final part of Gamestop’s management changes are for Frank Hamlin. Hamlin has been promoted to COO and EVP, and will begin the new roles from June 3, 2019. Hamlin has been working in retail marketing, strategy, customer loyalty, and ecommerce for the past 25 years, and was previously CMO for Gamestop.
After no buyer could be found for the company, Gamestop’s share price plummeted by around 40 percent this year. This wasn’t helped by the fact that the company posted a full-year loss of $673 million for 2018. George Sherman, Gamestop CEO, has told press that the management changes are designed to help with the company’s transformation moving forward.
Sherman added that the company remains focused on delivering growth in the long term, as well as ongoing profitability in the future. Their aim is to provide increased value to shareholders, customers, employees, and all other stakeholders.
Gamestop has been struggling for a while now to keep up with the changing games retail market. Unlike UK retailer GAME they have no help from a buyer to bail them out of trouble, meaning the company could well disappear in the near future if some drastic changes aren’t made.