GameStop CFO Steps Down After Nine Years with Company
The future of GameStop looks bleak, even after a change in leadership.
The Chief Financial Officer for GameStop Rob Lloyd is stepping down from his position and is leaving the company. This news was announced by the corporate office of GameStop. According to The Wall Street Journal, Lloyd will be stepping down from the position on June 3 and then will remain as an adviser for the company for one month before leaving the company completely. Lloyd has held the position of CFO since 2010.
As the years have gone by GameStop’s stock value has been plummeting, going down 40% last year. With more and more people preferring to pick up games digitally rather than physically, it makes sense that the company is struggling. Other retailers like Amazon, Best Buy and Walmart do not have to deal with this issue as much as they sell other things outside of video games, but gaming is the market GameStop’s entire business is centered around. GameStop purchased the company ThinkGeek back in 2015, so they don’t only sell video games, but the company is clearly still struggling.
Lloyd will be replaced by James Bell, who in the past has been the CFO of P.F. Chang’s owner Wok Holdings Inc. According to GameStop, there is no particular reason as to why Lloyd is stepping down. There were no internal issues, he just decided it was time to leave. Hopefully, Bell will be able to help GameStop get out of this financial rut and start moving things back up. With a new generation of consoles around the corner and games slowly being done by streaming than physical media we could be witnessing the end of GameStop as we know it in the close future if the store doesn’t adapt.