GameStop shuffles executives

The increasing popularity of digital distribution may loom as a dark cloud on the horizon of specialty game retailers, but that's not slowing GameStop from soaking up as much sun as it can. Last week, the world's largest specialty retailer reported yet another quarter-best fiscal performance, announcing a $57.2 million profit--161 percent higher than a year prior--on earnings of $1.8 billion for the three month period ended August 2.

Today, GameStop said that in light of its current success, its board of directors has approved a substantial reorganization of the company at its executive level. Of primary note, the specialty retailer said R. Richard Fontaine, CEO of GameStop since it was formed in 1996, has been appointed executive chairman. As part of his new role, Fontaine will focus on "international operations, acquisition opportunities, and strategic development."

Fontaine will relinquish his current position as company CEO to Daniel A. DeMatteo, who has acted as chief operating officer since the company's inception. GameStop has brought in Home Depot executive vice president J. Paul Raines to assume DeMatteo's position as company COO. Raines will move into his new corner office beginning September 7.