Despite the madness that surrounded surging GameStop stock recently, it has not actually resulted in any positive new momentum for the struggling retailer, as expected. A GameStop earnings call yesterday turned out to be quite dull, mostly explaining in brief that the company is still in decline, though online sales have increased. GameStop’s SEC filing further reveals though that Reggie Fils-Aimé is expected to retire from the company board of directors, along with several others, and the company views the potential departures as a risk to its continued viability. Below is the relevant excerpt, with emphasis added by us:
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. See Item 9B. Other Information of this Form 10-K. Turnover among our Board may disrupt our operations, our strategic focus or our ability to drive stockholder value. If we fail to attract and retain new skilled personnel for our Board, our business and growth prospects could disrupt our operations and have a material adverse effect on our operations and business.