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Fund manager says meme stock phenomenon is not a fad

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Published 1:27 PM

By Clare Duffy, CNN Business

GameStop is getting a new chief executive and chief financial officer, the company announced as part of its earnings release Wednesday.

Matt Furlong, who will replace George Sherman as CEO, and Mike Recupero, CFO, are both joining the company from Amazon. Their experience at the online retail giant will likely prove useful as GameStop continues its efforts to transition from a struggling brick-and-mortar video game retailer into an e-commerce powerhouse.

In recent months, GameStop — which has been a darling of internet retail stock traders this year — has undergone a major executive shakeup at the direction of Ryan Cohen, the billionaire Chewy.com founder who invested heavily in GameStop last year and joined its board in January.

The company also recently added its first-ever chief technology officer, a new chief operating officer, a new senior vice president of e-commerce and several other executive roles.

GameStop’s stock fell more than 3% in after-hours trading Wednesday.

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