GameStop (GME) Chief Financial Officer (CFO) Jim Bell will be pushed out the door in March, the game-retailer announced Wednesday. According to a report by Business Insider, Bell didn’t resign, but the company “had lost faith in him.” The company’s shares surged more than 100% following the news.
GameStop, the U.S.-based game retailer was hitting the news in January. The company’s stock led a historic rally after Reddit group WallStreetBets invested heavily in the stock. The Reddit traders countered Wall Street titans who were shorting the GME stock. Consequently, the battle between bulls and short sellers drove the GME stock to an all-time high of $486 per share.
By March 26, Bell will no longer be the Chief Financial Officer of GameStop. According to a Securities and Exchange Commission (SEC) filing, Bell’s removal was not because of any disagreement with GameStop.
“Bell’s resignation is not because of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices, including accounting principles or practices.” Read the filing.
Jim Bell profited from hedge funds vs Redditers saga
Bell joined GameStop in 2019. At that time, the game retailer was having some bad days. As e-commerce was emerging, and video game sales were digitizing. Nevertheless, GameStop decided to push Bell out for his “inability to shift into e-commerce”. On the other hand, Ryan Cohen, GameStop’s largest shareholder criticized the game retailer for failing to follow-up with the e-commerce and digital economy emerging trend.