Current Events > GameStop finance head to resign on March 26

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https://www.reuters.com/article/us-gamestop-cfo/gamestop-announces-resignation-of-cfo-idUSKBN2AN2EC?il=0

GameStop Chief Financial Officer Jim Bell will resign on March 26, the video game retailer said on Tuesday, with the departure coming weeks after big bets by individual investors triggered massive price swings in the companys stock. Bells resignation was not because of any disagreement with the firm, the company said. GameStop said it intends to appoint Chief Accounting Officer Diana Jajeh to the role of interim CFO, if a permanent replacement is not in place at the time of Bells departure.




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A friend of mine used to work in the GameStop corporate financial planning department until somewhat recently. The amount of nonsense happening there that he told me about was hilarious.

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How much you want to bet he tendered his resignation right at the peak of the gamestop stock meme to freeze the value or something so he could cash out?

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Zano posted...

A friend of mine used to work in the GameStop corporate financial planning department until somewhat recently. The amount of nonsense happening there that he told me about was hilarious.

This sounds amusing. Do you remember any specific instances of dumb shit?

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this is what happens when you sell open games for $60

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Garlands_Soul posted...

This sounds amusing. Do you remember any specific instances of dumb shit?

Tbh, it's hard to remember specifics of the stories, but I remember him pointing out tons of nonsensical elements in their budgeting process. I work in corporate financial planning as well so we relate to each other well on this topic. I do remember that he thought the VP of finance was an ass who threw my friend under the bus on an assignment a few months ago. I also know for a fact that at least 5 people (including my friend) in that department (senior analysts, managers, and senior managers) have left in the last 2 months (that's pretty unheard of) because they all see that it's a sinking ship. Also, a little over a year ago they hired a guy from BCG (one of the top tier consulting firms) to be their VP of Strategy or something like that. They literally stole him form BCG while he was working with GS on assignment. They hired him to come in and help GameStop determine which/how many stores to close and other long term strategy decisions for the store network. They pay him over $200k in base salary (plus all kinds of bonuses and stuff) and my friend said that the guy basically contributes nothing.

EDIT: And I just texted my friend about the guy in this article, Jim Bell. He said that this is the guy who threw him under the bus.

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s0nicfan posted...

How much you want to bet he tendered his resignation right at the peak of the gamestop stock meme to freeze the value or something so he could cash out?

Wat

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SK8T3R215 posted...

Wat

If he's an employee at that level he probably gets stock. When he quits, he may have an option to cash out that stock and there would be language in the contract to say at what value it could be sold for. If the language in the contract is such that the amount each share is worth is frozen at the time of his resignation, and assuming a standard two weeks notice, it's possible that the reason he's quitting is so that he could sell off all of his stock at the inflated value from a couple weeks ago.

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Future_Trunks posted...

lmfao so a guy from an MBB becomes top dog and does jack shit, probably got some nice stock options and cashed out from the memes

was he only good for powerpoints? @Zano

One of the things my friend pointed out was how good the guy was at presentations/powerpoints. Also from personal experience working with both BCG and McKinsey & Co., those guys put together some killer presentations.

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