Reggie Fils-Aimé retired from his duties as Nintendo of America President in 2019, handing over that position to Doug Bowser. His retirement from any position within Nintendo seems to be permanent but his retirement from the gaming industry as a whole is not.
It has been announced that Reggie Fils-Aimé will join the GameStop Board of Directors effective April 20, 2020, joining him will be William Simon and James Symancyk whose positions on the board are effective immediately.
GameStop put out a press release explaining more information on the change in the board.
,and will not stand for re-election at the Company’s 2020 Annual Meeting of Stockholders. In addition, two current directors – Jerome Davis and Tom Kelly – have decided to retire from the Board, effective June 2021, and will not stand for re-election at the Company’s 2021 Annual Meeting. Kathy Vrabeck, GameStop’s Lead Independent Director, will succeed Mr. DeMatteo as Board Chair.
Following the 2020 Annual Meeting, the GameStop Board will be composed of ten directors, nine of whom will be independent and six of whom will have served on the Board for less than two years. Median director tenure will be one year, significantly reduced from the prior median director tenure of eight years. These changes represent key elements of a Board refreshment process initiated in early 2019.
CEO of GameStop, George Sherman gave out a statement as well.
George Sherman, GameStop CEOThe 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. We are pleased to welcome Reggie, Bill and J.K. to the Board. They are each highly qualified and bring significant, relevant experience to our turnaround. 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.
GameStop itself has been on the decline for a while due to a variety of reasons, seeing whether or not this change is for better or worse is going to be an interesting development.
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