New GameStop CEO Quits After Only Three Months
GameStop's co-founder again finds himself serving as interim CEO.
It was only back in February that Michael Mauler, a longtime GameStop executive, was named the retailer's new chief executive officer. Now, just over three months later, he's stepped down from the role for what's only described as "personal reasons."
The 56-year-old Mauler's resignation is effective immediately. In his place, co-founder Daniel DeMatteo assumes the role of interim CEO while GameStop once again begins the hunt for a new top executive.
"Given my tenure and familiarity with the company and our associates, it's a natural step for me to assume this role and guide the business at this time while the board searches for a permanent CEO," DeMatteo said in a statement released by GameStop. "I'm happy to have Rob Lloyd, our CFO, and his 22 years of experience with GameStop alongside me as we work towards executing against our 2018 objectives. We continue to believe in GameStop and the many passionate associates that drive our business and are encouraged by the opportunities ahead of us."
DeMatteo previously served as the interim CEO when J. Paul Raines was forced to step down due to health issues last year. Raines passed away earlier this year, shortly after Mauler became CEO. GameStop's statement makes little mention of Mauler or his work over the past few months, merely saying he was leaving for personal reasons.
GameStop overall has struggled of late, with its forecast for the coming year causing some concern among investors. Its stock stands as $12.55 as of this writing, roughly half of what it was a year ago, and a fraction of its previous highs in 2007 and 2013. As a brick-and-mortar retail that has traditionally specialized in physical games, it faces an uphill battle, with recent years seeing the company attempting to diversify into areas like mobile phone and collectible sales, as well as seeking to inject itself into the increasingly digital games industry.