Well, that was fast. GameStop in a statement announced the resignation of CEO Michael Mauler for personal reasons—and he’s only been on the job for a few months.
His departure is effective immediately but no precise definition of those “personal reasons” were revealed by the company. Daniel A. DeMatteo has been appointed interim CEO by GameStop’s Board of Directors a position he held before Mauler took the job.
DeMatteo added in a statement on Friday:
“Given my tenure and familiarity with the company and our associates, it’s a natural step for me to assume this role and guide the business at this time while the board searches for a permanent CEO. I’m happy to have Rob Lloyd, our CFO, and his 22 years of experience with GameStopalongside me as we work towards executing against our 2018 objectives. We continue to believe in GameStop and the many passionate associates that drive our business and are encouraged by the opportunities ahead of us.”
Over the last several month’s things have been very shaky for the company. Back in February, the company announced it’s then CEO Paul Raines was leaving due to medical reasons. He was replaced by DeMatteo before passing away in March. Mauler’s resignation is making shareholders feel uneasy, GameStop’s stock dropped 43 cents to $12.60 amidst the news.
Twitter also chimed in the news with some pretty humorous takes on the story of Mauler stepping down from a job he only had for three months.
Could this news be a sign of bad things to come for the company? Is Gamestop on the verge of going out of business?
No one knows for sure but rest assured the details revolving around Mauler’s departure will come out sooner than later.
Photo: Richard Levine / Getty