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GameStop Shares Soar More Than 100% Amid Executive Shuffle

GameStop shares surged over 100% Wednesday as investors poured into the brick-and-mortar retailer during a C-suite shakeup.

Stocks were stopped with less than 30 minutes remaining on the trading day. The stock closed the day up 103.9%. GameStop shares rose 83% in trading after hours on Wednesday.

GameStop announced Tuesday, March 26, that Jim Bell, its chief financial officer, will be stepping down.

Sources familiar with the matter said that Bell didn’t leave willingly but was forced out by Ryan Cohen. Ryan Cohen is the co-founder of chewy and invested last year in GameStop to help the company grow online.

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According to sources who are familiar with the matter, Bloomberg News reported Tuesday evening that GameStop’s board had pushed Bell to the side to complete its turnaround faster.

Cohen’s appointment as a GameStop board member helped to drive the stock, which was heavily shorted, up in January. This led to an epic short squeeze at GameStop that triggered retail trading mania and, finally, attention from Congress.

Stephanie Wissink, Jefferies equity analyst, stated to clients that while we recognize that activist settlements often result in leadership changes, Mr. Bell’s exit was mutual and non-immediate and implied no disagreements between company/board.” We believe that Mr. Bell should be recognized for his actions in protecting GME equity during the final stages of the last hardware cycle when sales were down sharply.

Jefferies said that GameStop would likely seek a replacement for its CFO with a tech background instead of retail because GameStop is focused on e-commerce growth.

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Reddit traded a few other trades on Wednesday after-hours trading. Koss rose 57%, and AMC shares soared 22%.

Ru
Ru
Ru is an entertainment nerd who likes to spill the beans about what's happening in the entertainment industry. She comes up with well-researched articles so that you can "Netflix and Chill." Come join her as she has a lot to tell her readers.

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