Photo Credit: Nintendo
In an effort to save its struggling business, GameStop has appointed 3 new members to its executive board, including games-industry legend Reggie Fils-Aimé. He will be joined by former Walmart US President Bill Simon, and PetSmart CEO J.K. Symncyk.
Fils-Aimé announced the news on his personal Twitter on Monday, saying that “The gaming industry needs a healthy and vibrant GameStop.” The former Nintendo President/COO joins the board with an impressive resume with over 35 years of experience in the industry, including 16 years at Nintendo of America.
The new board appointments come amid large declines in GameStop’s stock prices and dwindling profits from their struggling retail stores. The rise of the digital download market has forced GameStop to refine its sale model again and again over the years, from adding more physical merchandise like Funko Pops and plushies, to buying, refurbishing, and selling old cell phones.
Four of the board’s directors are retiring in June of this year, while two more intend to leave in June of 2021, paving the way for new members as attempts are made to save the retail chain. GameStop executives say that the arrival of new game consoles from Microsoft and Sony during the holidays will provide a much needed boost to business, but recent layoffs and store closures suggest that they aren’t completely confident about that.
Only time will tell whether Fils-Aimé and the other new board appointees will be able to turn GameStop around.