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Former Nintendo of America president Reggie Fils-Aime has joined GameStop’s board of directors. His appointment will become effective April 20.
Fils-Aime left his position at Nintendo in February 2019 after 15 years with the company, more than 12 of which he served as president and COO. Under Fils-Aime’s leadership, Nintendo posted record-breaking profits and launched best-selling consoles, such as the Nintendo Wii in 2006, which has sold over 101 million units in its lifetime, and the Nintendo Switch in 2017, which was the best-selling console of 2018 and has sold over 20 million units worldwide.
Joining Fils-Aime on the board are former Walmart U.S. CEO and KKR & Co. senior analyst William “Bill” Simon and former PetSmart CEO James “J.K.” Symancyk. Both Simon and Symancyk will start immediately.
Four current members of GameStop Inc.’s board — Dan DeMatteo, Gerald Szczepanski, Larry Zilavy and Steve Koonin — will retire in June, while two others, Jerome Davis and Tom Kelly, are set to retire in June 2021. Kathy Vrabeck, GameStop’s lead independent director, will succeed DeMatteo as board chair.
GameStop has suffered dismal sales recently, posting a 25 percent downturn of $1.8 billion in global sales year-over-year this past holiday season. As a result, GameStop CEO George Sherman said the company is adjusting its sales outlook for fiscal 2019 and expects earnings to “be below guidance.”
GameStop Corp., the parent company of the retail chain, has experienced a number of various woes over the past year, including a round of layoffs in August which affected more than 120 employees, representing “approximately 14 percent” of the company’s total associate base at its headquarters as well as “some other offices,” the company told The Hollywood Reporter at the time.
“The Board refreshment and governance enhancements announced today represent an important milestone in GameStop’s transformation as we continue to evolve the Company’s business strategy for long-term success,” Sherman said Monday. “We are pleased to welcome Reggie, Bill and J.K. to the Board. … We look forward to immediately benefitting from their expertise and perspectives as we navigate the evolving gaming and retail environments, execute on our strategic initiatives and prepare the Company to maximize value-creation associated with the next generation of console launches later this year.”
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