GameStop CFO Jim Bell Resigns

GameStop CFO Jim Bell Resigns

As GameStop continues to weather turbulence including COVID-19, a massive short squeeze, and a generally struggling retail business model, it now must also find itself a new chief financial officer. Today, the games retailer announced that CFO Jim Bell was resigning from the company effective March 26, 2021, with the search for a successor now underway. Should a permanent successor not be found by the time Bell departs, GameStop has announced it will appoint senior VP and chief accounting officer Diana Jajeh to the role as an interim CFO while a search continues. [ignvideo url=”https://www.ign.com/videos/2020/03/07/how-gamestop-plans-to-save-itself”] Bell first joined GameStop’s leadership ranks as CFO in 2019, having departed the same role at holding company Wok Holdings prior to that. He took over the role from Rob Lloyd, who had been with GameStop for nearly 23 years. Per SEC filings, Bell was paid a base salary of $700,000 a year, received a signing bonus of $50,000 when he was hired, and was eligible for an additional annual bonus equal to his annual salary of $700,000. However, because he resigned for “Good Reason” (per his employment contract), he will also receive a severance bonus of $2.8 million — twice the sum of his base salary and target annual bonus. Bell’s departure comes as the company battles lowered revenues and leadership upheaval, some of which we outlined in a report published earlier today detailing a recent shareholder shake-up that could spell critical changes for the company as it struggles to stay afloat. [poilib element=”accentDivider”] Rebekah Valentine is a news reporter for IGN. You can find her on Twitter @duckvalentine.
Source: GameStop CFO Jim Bell Resigns

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