GameStop CFO Saadeh-Jajeh Resigns After Roughly One Year at Company

Rob Golum, Bloomberg News

Signage outside a GameStop store in New York, US, on Thursday, March 16, 2023. Photographer: Yuki Iwamura/Bloomberg , Bloomberg

(Bloomberg) -- GameStop Corp., the struggling video game retailer, said Chief Financial Officer Diana Saadeh-Jajeh resigned, effective Aug. 11.

The company appointed Daniel Moore as interim principal accounting officer and interim principal financial officer, according to a statement Thursday. The resignation was not the result of any disagreement, GameStop said in a filing.

Led by hedge fund billionaire Ryan Cohen, GameStop has seen a series of recent executive changes, including the exit of two CEOs over the past two-plus years and the appointment of a new chief operating in May 2022. Saadeh-Jajeh joined the company in July 2022.

GameStop has struggled to adapt to changing spending habits by gamers, who now do much of their purchasing online, instead of at brick and mortar stores.

Shares of GameStop, which soared in 2021 when retail investors bid up the stock, were little changed at $22.23 in extended trading after the announcement of the CFO’s departure. They are up 20% this year.

Cohen, who holds a 12% stake in GameStop, took on the larger role of executive chairman in June with the departure of CEO Matt Furlong, who had led the retailer for two years. At the same time, GameStop reported fiscal first-quarter sales that fell short of Wall Street estimates, sending the stock down 18%.

(Updates with recent financial results in last paragraph.)