GameStop’s chief customer officer is resigning from the video-games retailer, per a Tuesday Securities and Exchange Commission filing released hours before the company announced its 2020 earnings.
The filing said that Frank Hamlin, who also serves as executive vice-president, would leave the company on March 31, following a transition period.
GameStop did not disclose the reasons for his departure, but said that he would be entitled to the payments, rights, and benefits associated with a “good reason” resignation.
Hamlin started as CCO in June 2019, and is responsible for initiatives around marketing, customer loyalty, strategy, and innovation.
GameStop and Hamlin entered into a Transition and Separation Agreement on Sunday, the company said.
It strikes me as odd that someone would resign with just 10 days notice, especially a top executive. Even for rank-and-file employees, at least two weeks is standard. It’s also unusual that he was only at the company for 9 months. This comes shortly after the departure of CFO Jim Bell, who reportedly was forced out by board members including Chewy founder Ryan Cohen.
This makes me wonder if Cohen is finding some resistance to his transformation plan, or if perhaps fourth quarter results, which are coming out in a few hours, are going to be worse than expected.
There’s yet another possibility: the GameStop execs are too rich to care anymore. The run-up in the stock, fueled by traders at Reddit’s Wallstreetbets, has made many of them extremely wealthy. Both Bell and Hamlin hold over $100 million in GameStop stock.
For more on GameStop, check out these posts:
- GameStop Has Failed to Modernize Before. This Is What Happened.
- Video Game Sales Going Digital Could Make GameStop a Dinosaur
- There Could Be Another GameStop Short Squeeze, But Beware Weak Fundamentals
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