His body is ready to rebuild GameStop. Reggie Fils-Aime has joined GameStop’s Board of Directors effective April 20th. He joins President and Chief Executive of Petsmart, J.K. Symancyk, and Bill Simon (who has over 30 years of retail executive experience) who both have immediately joined the Board. These moves are made to turn around GameStop’s falling performance in recent years, hopefully.
GameStop CEO George Sherman said in a statement:
The Board refreshment and governance enhancements announced today represent an important milestone in GameStop’s transformation as we continue to evolve the Company’s business strategy for long-term success. We are pleased to welcome Reggie, Bill and J.K. to the Board. They are each highly qualified and bring significant, relevant experience to our turnaround. We look forward to immediately benefitting from their expertise and perspectives as we navigate the evolving gaming and retail environments, execute on our strategic initiatives and prepare the Company to maximize value-creation associated with the next generation of console launches later this year.
GameStop has been a company in an odd transition over the last few years. A combination of rising digital sales, falling stock value, lacking outputs from reliance on mobile phone business, and more have made them a company needing to adapt sooner rather than later.
In early 2019, the company canceled plans to sell due to “lack of available financing on terms that would be commercially acceptable to a prospective acquirer,” and later in the year announced an initiative for new store designs to implement esports and retro gaming.