Reggie Fils-Aime to leave GameStop's board of directors

reggie.jpg

Just about a year ago, the former Nintendo of America CEO Reggie Fils-Aime set his sights on GameStop, joining the retail chain's board of directors. It looks like Reggie is moving on already, though, with the announcement that he plans to leave before the end of 2021. Currently, GameStop has had a wild year, making the headlines consistently throughout the fallout regarding Wallstreetbets and the GME stock battle, a disappointing fiscal year report, and now the retirement of Reggie, and eight other senior board members. While an exact date of departure hasn't been given, it's expected that he'll be leaving sometime around June, when GameStop will be having its annual shareholders meeting.

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leon315

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You can see the volumes
http://shortvolumes.com/?t=GME
I imagine most of the original institutional short sellers that got stung hard have divested (that is to say sold off) by now, though there still look to be some above, and as it is now one of the most famous volatile stocks in history (certainly recent history) they are probably not quite as invested as they once were (and it would likely have to go absolutely bananas from here to get more margin calls). Don't know what total volume percentages are going either which was part of the problem last time. https://www.barchart.com/stocks/quotes/GME/overview for some other info here.

I should also note this is board members and not executives. There is a fairly important distinction. Probably best to avoid offending either set if you are a lowly peon in a company and wanting to keep your job (possibly if your diamond hands clenched so hard you got rather less valuable diamond dust and are now broke)

hopefully lesson learn from feb: i resisted my tentations and greedy to enter any positions last week, on such problematic company like GS is more like ape-gambling rather than longterm investment.

And there are plenty of good stocks to buy.
 
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SG854

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Why do I keep reading his name as "Reggie-Fils Anime"?
Because this is the New Reggie Anime. He's was the main character in the gamestop redemption arc. And what a ride that was. Stocks and Deciet and Exploits and Hatred. It was the best season yet.

My favorite episode is when Gamestop forced their employee's to work during covid shut down. Kept me on my toes.
 

FAST6191

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How am I supposed to feel? Like, is this bad or good?
Is the internet really a thing you want to tell you how to feel/think?

Anyway he was appointed to the board of directors of gamestop (I assume you are generally familiar with the notion, for the super quick version then they are the dominant dedicated game seller and second hand game trader in the US with spinoffs all over the world. They have had more than their share of controversies, some meaningful, others less so and were generally suffering somewhat as various game making and buying types shifted to downloadable games).
At the time, both generally and seemingly because they had caught the eye of some short sellers, they were an ailing company on the slow march to oblivion.

Now the board of directors has little real power within a company as instead that belongs to the CEO and other C?O staff that are generally full time employees (though many places the CEO and other C?O types might also be on the board). The board mostly meets a few times a year and represents the shareholders, as part of that though they can however vote and fire the CEO and generally if the board calls the C?O will listen. Moreover in the case of failing companies you might bring some power players onto the board (and Reggie was noted as doing well for Pizza Hut in reversing their fortunes back and and game wise was something of a big deal within Nintendo of America and thus could be expected to have contacts and clout throughout the industry that could be funnelled Gamestop's way) with the expectation they will help right the ship.
Apparently in this case according to an earlier poster this board membership (which was likely very well paid for not a lot of work -- there is a reason many old business wonks sit on multiple boards of directors, probably getting more than your and my annual salaries combined per gig, and only doing very little work at each) was only a temporary one to help out for a while and then expected to leave after that. This is common enough and if in that year the ship was righted you don't necessarily want a person well versed in cost cutting and connection making handling it during different economic times.

To that end you probably want to be asking what position Gamestop was in, is now in (including what might attributed to him), is likely to be in (even if you don't like them then is it a case of better the devil you know? If they die and it goes to instead be mom and pop shops, super nerds online and whatever remains of best buy and walmart in a few years being the main suppliers of games), what effects his coming, leaving or theoretically staying might have had and I guess if you like him as a person for some reason then you could contemplate that too.
 

FAST6191

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I know anyone can say this but I truly saw this the day he announced he started working with them. I'm only surprised he stayed long enough to warm the seat. Why he did this (joined them in the first place) escapes me.
Money (both straight salary and stocks) is usually a good start
https://www.investopedia.com/articl...etired-execs-what-do-corporate-boards-pay.asp
Some people like this in semi retirement also enjoy a bit of a challenge -- in this case I imagine it was a business rescue kind of tour on the board. To that end no more 9 to 5 (or worse always on/always there to put out fires/always out and about doing trade shows) and instead attend a few meetings and put together a rescue plan from the luxury of a home office, call a few old contacts (I imagine most of the big devs and pubs will take or return his call and deal thereafter after all) and make a connection, and otherwise try to help out a bit whilst otherwise taking it easy.

Equally if the previous poster is correct and it was just a contracted period that he was required to stay on for and generally expected to leave afterwards then that is also a reason for leaving at this point.
 

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