GameStop CEO unexpectedly resigns from post
A major change is underway with GameStop's senior leadership. Michael K. Mauler has resigned from his post as GameStop CEO "for personal reasons," the company wrote in a press release today. One of GameStop's co-founders, Daniel A. DeMatteo, will replace Mauler as interim CEO and remain as both GameStop's executive chairman and director.
"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 the press release. "We continue to believe in GameStop and the many passionate associates that drive our business and are encouraged by the opportunities ahead of us."
Mauler previously served as GameStop's executive vice president and president of international business. He first took the job just three months ago in early February. Prior to Mauler serving as CEO, DeMatteo had served as interim CEO after former CEO J. Paul Raines resigned. Raines passed in early March after battling a brain tumor.
It's unclear for now why Mauler resigned, especially because his tenure as CEO remained relatively short. The Dallas Morning News, however, confirmed Mauler's departure is "not due to any disagreement with the company regarding its financial reporting, policies or practices, or any potential fraud." GameStop did not mention any particular health concerns or scandals in Mauler's resignation, either, leaving many wondering why GameStop experienced yet another CEO departure in such a short timeframe.
GameStop's stock, meanwhile, has dropped by 2.99 percent according to Fox Business. The senior leadership shakeup raises larger questions about the retailer's role in an industry that's increasingly digitizing.