GameStop has announced that its CCO Frank Hamlin is resigning from the company, effective from March 31.
The news was announced via a Securities and Exchange Commission (SEC) filing on Tuesday, March 23. Per the filing, Hamlin entered a Transition and Separation Agreement with the company on March 21.
Neither GameStop nor the SEC filing have disclosed the reasons for Hamlin’s departure, but said that he would be entitled to the payments, rights and benefits associated with a “good reason” resignation.
Hamlin was appointed as GameStop’s CCO in June 2019, and has been in charge of the company’s marketing, customer loyalty and “omnichannel business” according to GameStop’s website.
Hamlin is the second executive to depart from GameStop following the company’s stock market saga earlier this year. The company announced last month that CFO Jim Bell would be relinquishing his role on March 26.
Both Bell’s and Hamlin’s resignations come after sources claim that Bell was forced to resign by the board following investor and new board member Ryan Cohen’s push to transform the company’s brick-and-mortar business into an e-commerce franchise.
As of now, only one major exec remains at GameStop – CEO George Sherman. GameStop is currently looking to appoint a permanent CFO as Bell’s replacement, but has yet to announce a candidate. Should a decision not be made by the time Bell leaves, the company has announced that it will appoint current senior vice president and chief accounting officer Diana Jajeh as the interim CFO.
Hamlin’s resignation comes about two months after the trading market frenzy, where a standoff between a group of investors in the r/WallStreetBets sub-reddit and short sellers – notably Melvin Capital Management – drove the price of the company’s shares from well under US$100 to an eye-watering $347.51 at the end of January.