GameStop CEO, Michael K. Mauler has suddenly resigned as CEO of Gamestop for “personal reasons,” halting all current shares.
Michael K, Mauler has appointed Daniel A. Dematteo as the current interim CEO. Mauler has only held the CEO position for three months — his sudden departure from the company has inevitably caused shares to drop 4%.
“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,” DeMatteo said in a statement.
GameStop is no stranger to difficult times as the video game market is seemingly moving away from physical media and instead, embracing digital downloads with the prevalence of services such as Steam, GOG, the PlayStation Network and Xbox Live.
GameStop’s previous CEO, Paul Raines resigned in November 2017, due to health concerns — unfortunately, Raines passed away earlier this March.
GameStop first opened in 1984, under the name Babbage’s — since then the small video game business has grown into a multi-million dollar operation with stores all over the country. 2005 was a landmark moment for the company, as GameStop merged with another popular video game retailer, EBgames — with locations all over the world under both the GameStop name and the EBgames brand. Time will tell what the future holds for the video game retailer.
