GameStop (GME)’s chief financial officer (CFO) Mike Recupero has parted ways with the video game retailer amid a cost-cutting drive following a hiring spree in the last 18 months.
Recupero operated as the firm’s CFO since last June and will be substituted by Chief Accounting Officer Diana Jajeh.
In a letter to employees, CEO Matt Furlong said the firm’s direction has turned to eliminating excess costs and operating with an intense owner’s mentality.
GameStop’s Hiring Spree and movements in Web3
Since the start of 2021, GameStop hired more than 600 people, though the firm is now looking to reverse this headcount development in order to operate more efficiently.
GME shares on the New York Stock Exchange were down 6% at $126,97 in pre-market at the time of reporting this news.
The video game dealer has been making steps into Web3 over the last year, creating a digital asset wallet for storing crypto and NFTs ahead of its planned launch of an NFT marketplace later this year.
Also Read, GameStops shares rise after the launch of NFT Marketplace
The company informed proceeds of $76.9 million from digital asset sales in its latest quarterly results at the start of June. It remains to be seen to what capacity the crypto bear market’s beginning will eat into this and if it will change GameStop’s agendas in this domain.
However, as per the letter from furlong, the company plans to develop new products within digital assets and Web3.
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