GameStop Chief Financial Officer Jim Bell will step down next month, the video game retailer said on Tuesday, as it focuses on shifting into technology-driven sales in the wake of headline-grabbing big betting in its stock, Reuters reports. GameStop said Bell's resignation was not due to any disagreement with the company relating to its operations, including accounting principles and practices. However, a source said that while Bell's exit was unrelated to the recent wild swings in GameStop's stock spurred by retail traders on the Reddit social media site, his departure was initiated by the company. Shares of GameStop fell by about 5 percent to US$42.75 in extended trading after the announcement. The stock has risen by about 140 percent this year, after paring most of the gains that sent short sellers scrambling to cover losing bets and saw the company hit a record high of US$482.95.

Source: The Standard February 23, 2021 23:48 UTC