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GameStop CFO resigns a month after the Reddit trading frenzy

February 23, 2021. Summarized by summa-bot.

Compression ratio: 61.3%. 2 min read.

After a wild several weeks for GameStop, the retailer's chief financial officer is resigning.

New York (CNN Business)After a wild several weeks for GameStop, the retailer's chief financial officer is resigning.

The company announced Tuesday that Jim Bell, its executive vice president and CFO, will resign from his roles on March 26.

GameStop (GME) has started searching for a new CFO "with the capabilities and qualifications to help accelerate GameStop's transformation," it said, hinting at the company's efforts to shift its focus from physical to online retail.

GameStop stock is now trading around $45, a big dip but still above where it started the year.

It also raised questions about GameStop's future, as short sellers who believed the struggling retailer's fortunes would fall farther were pitted against retailer traders who believed the company was being undervalued.

When asked by CNN Business about the reason for Bell's departure, a GameStop spokesperson said the company is "not providing any further comments at this time concerning the announcement. "

In a press release, GameStop said it "thanks Mr. Bell for his significant contributions and leadership, including his efforts over the past year during the COVID-19 pandemic. "

Bell became GameStop's CFO in June 2019.

That year, the company's chief executive admitted GamesStop was in a "tough place" — it was suffering from falling sales and had plans to close around 200 stores.

In September, the company announced it planned to close between 400 and 450 stores globally by the end of the year, around 100 more than it had initially projected last March.

The founder of online pet store Chewy. com, Ryan Cohen, made a large investment in GameStop last year and now sits on its board, along with two former Chewy colleagues, and could help push the retailer into the digital age.

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