GameStop is preparing for changes to its board of directors, with numerous members of the board expected to retire in the coming year, including former Nintendo of America president Reggie Fils-Aime. In a filing with the SEC, GameStop said it expects to numerous members of the current board to retire as part of the 2021 Annual Meeting later this year.
“Recent turnover with our Board may disrupt our operations, our strategic focus or our ability to drive stockholder value,” GameStop said in the filing .There have been significant changes to our Board since June 2020 as previously reported in our periodic reports filed with the SEC, and we expect to experience additional changes to our Board at our 2021 Annual Meeting.”
“As of the date of this Form 10-K, the Board has not determined the definitive slate of nominees for election at our 2021 Annual Meeting but currently expects that the following incumbent directors will retire from the Board at the 2021 Annual Meeting: Lizabeth Dunn, Paul Evans, Raul J. Fernandez, Reginald Fils-Aimé, William Simon, James K. Symancyk, Carrie W. Teffner, and Kathy P. Vrabeck.”
The statement did not say why the current board is being replaced. Fils-Aime, and the other board members, took a 50% pay cut in 2020 to help GameStop weather the storm of COVID-19.
Fils-Aime continues to serve on the boards of the boating company Brunswick and the toy company Spin Master.
GameStop’s first earnings report since the Reddit controversy was released this week, and it showed a slight decline in sales year-over-year. Despite that, GameStop’s share price continues to stay high, demonstrating that business results don’t always reflect stock price.