GameStop Corp. (NYSE:GME) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Reference is made to the Form 8-K filed by GameStop Corp. (the “Company”) on November 14, 2017 reporting the reassignment of the principal executive officer responsibilities of the Company from J. Paul Raines to Daniel A. DeMatteo in light of a medical event experienced by Mr. Raines.
On January 31, 2018, Mr. Raines notified the Company that, in order to focus on his health and family, he has decided to resign as a director, effective immediately. Mr. Raines’ resignation was not the result of any disagreement with the Company or the Board of Directors on any matter relating to the Company’s operations, policies or practices. Mr. Raines’ employment with the Company will end in mid-March 2018.
Mr. Raines and the Company are parties to an employment agreement, which is an exhibit to a Current Report on Form 8-K filed by the Company on November 15, 2013. At this time, certain entitlements upon termination for Mr. Raines under the employment agreement have not been determined. The Company will file an amendment to this Form 8-K when such entitlements have been determined.
About GameStop Corp. (NYSE:GME)
GameStop Corp. is an omnichannel video game retailer. The Company sells video game hardware, physical and digital video game software, video game accessories, as well as mobile and consumer electronics products and other merchandise through its GameStop, EB Games and Micromania stores. The Company operates its business in four Video Game Brands segments: United States, Canada, Australia and Europe, and Technology Brands segment. Each of the Video Game Brands segments consists of retail operations, with all stores engaged in the sale of new and pre-owned video game systems, software and accessories. Its Video Game Brands stores sell various types of digital products, including downloadable content, network points cards, prepaid digital, prepaid subscription cards and digitally downloadable software, and also sell certain mobile and consumer electronics products and collectible products. Its Technology Brands segment includes its Spring Mobile and Simply Mac businesses.