GameStop, the company whose stock became a sensation with day traders this year, said on Friday that Jenna Owens agreed to leave the company just seven months after joining the video game retailer as chief operating officer.
It’s the first major executive exit at GameStop since the company hired a new CEO, Matt Furlong, in June.
Owens, a top executive at Amazon and Alphabet’s Google, joined GameStop in March. She was one of the tech veterans Ryan Cohen, co-founder and former CEO of online pet food retailer Chewy, recruited as he laid the groundwork for transforming the doomed brick and mortar retailer into an e-commerce powerhouse.
GameStop has not given a reason for Owens’ departure, which will take effect immediately. The company announced in a government filing that it and Owens have entered into a “separation agreement,” which is typically negotiated when companies and their executives are not on an equal footing.
GameStop also took advantage of separation agreements when it parted ways with its CFO Jim Bell and Chief Executive Officer George Sherman earlier this year. They have been replaced by Furlong as CEO and Mike Recupero as CFO.
Owens will be entitled to severance pay, the file says. Your duties will be taken over by other senior GameStop managers.
The company declined to comment beyond filing. Owens was not immediately available for comment.
Cohen and two other former Chewy executives joined GameStop’s board of directors in January, just before private investors got into the company’s stock and drove it up more than 2,500 percent. The stocks have given up some of their profits and GameStop is now valued at around $ 14 billion (about Rs.1.04.913 billion).
Since Cohen became chairman in June, Cohen has been aggressively trying to improve the customer experience, but has not come up with a detailed plan on how GameStop will achieve its digital transformation.
The Grapevine, Texas-based company’s business of selling console video games competes with streaming services like Apple’s, which allow users to play video games on their televisions without the need for a console.
Cohen recruited a number of Amazon executives, including Furlong and Elliott Wilkie, who joined as chief growth officer in March.
Public records and records show that the company has hired dozens of new executives with supply chain and technology backgrounds from companies like Chewy and e-commerce company Zulily.
Cohen and Furlong have also laid off several senior executives in recent months who don’t fit into their system, the two sources said.
© Thomson Reuters 2021