Gamestop Board of Directors – Who Else Wants to Be a GameStop Director?
GameStop’s board of directors is about to undergo a major personnel shift. At its annual meeting in June 2021, eight of the current board members are expected to retire. They include Reggie Fils-Aime, Paul Evans, Raul J. Fernandez, William Simon, and Carrie W. Teffner. The company is also searching for a new chief executive. However, it’s unclear whether the company can attract new talent before then.
GameStop recently announced that former Nintendo of America president Reggie Fils-Aime will step down from the board of directors. Fils-Aime said he could not continue working with the current leadership of the company due to its inability to explain its turnaround plan. While his departure may come as a surprise to some, he is a highly experienced executive in the video game industry. He has previously worked at Guinness, VH1, and Pizza Hut, so he brings a wealth of experience to the table.
Before joining Gamestop, Reggie Fils-Aime worked as the SVP of marketing at VH1 from 2001 to 2003. In this role, he helped the company create a strategic direction that appealed to younger consumers. Previously, he held multiple marketing roles at other companies. He earned a Bachelor’s degree in Applied Economics from Cornell University. In addition to his current role as a Board Member at GameStop, he has also served on the board of Brunswick Corporation.
Fils-Aime is not the only executive to step down from the GameStop board. He also served on the Nintendo of America board and helped the company during a difficult period. However, he left his board position only one year after joining the company. In an interview with SXSW, Fils-Aime revealed the reasons for his departure from the board. While he has been supportive of the company, Fils-Aime believes that his departure from the board will be a catalyst for GameStop to take the next steps in its turnaround.
One of the most important roles on a GameStop board of directors is to oversee the company’s financial condition. Evans, 52, has extensive experience in financial strategy and corporate strategy, and he has been a member of the company’s board since August 2016. He holds more than 2.1% of the outstanding shares of the GameStop company. He is a highly respected and well-respected financial executive with a proven track record of turnaround operations.
GameStop is poised for a big shift in its strategy. The continued shake-ups and announcement of an equity offering program hint at major changes on the horizon. The company’s recent earnings call was silent on the changes, but the company’s equity offering program signals that major changes are on the way. In addition, the company’s board has decided not to seek reelection for three directors.
The board is expected to elect nine new members at the upcoming Annual Meeting. The new directors will join the current board of nine, with one vacancy to be filled by Kathy Vrabeck. The new board of directors plans to offer a new service to consumers, including the ability to pay with a mobile device or a credit card. To make the service more convenient, GameStop is working with the QuadPay network to make it easier for customers to pay for their purchases.
Raul J. Fernandez
Besides being the chairman of the Gamestop board of directors, Fernandez is also a former director of Kate Spade & Co. He holds a bachelor’s degree in economics from the University of Maryland. As a Gamestop insider, Fernandez’s activity is worth monitoring. His insider activity can provide useful insights into the company’s current business cycle. However, GameStop insiders must follow specific SEC filing rules.
Mr Fernandez’s professional career includes founding and serving as CEO of Proxicom, a company that provides e-commerce solutions to Fortune 500 companies. He also sits on the board of directors of GameStop Corporation and Broadcom, Inc. Apart from serving on the Gamestop board, Fernandez also serves on the board of directors of other companies, including Broadcom and Monumental Sports & Entertainment.
The Gamestop Board will have nine independent directors after the 2020 Annual Meeting of Stockholders. Six of these will have served on the board for less than two years. The remaining six will continue to serve as stewards for the transition of new directors, maintaining their tenured knowledge until the new members take over the Board. The Gamestop Board of Directors will elect a new member of the Board during the June 2021 Annual Meeting.
GameStop has recently appointed three new directors: James “J.K.” Symancyk, former Nintendo CEO Reggie Fils-Aime, and James “Bill” Simon. Each of these executives has over 25 years of operational and executive leadership experience. The former Nintendo president is also joining the board. The three will leave the company at the 2021 annual meeting. Listed below are the qualifications of each new board member.
Reggie Fils-Aime, former Nintendo of America president, and Lizabeth Dunn will be retiring from the board in 2021. Reggie Fils-Aime will step down as CEO, and the remaining eight board members are expected to step down at the annual meeting in Seattle. However, the replacements are not yet known. In addition to Simon, the remaining board members are Reggie Fils-Aime’s brother, Paul Evans, and Carrie W. Teffner.
Reggie Fils-Aime will join the GameStop Board of Directors in March 2020. The former Nintendo of America president joined the board in an advisory role in a transition period. His position on the board was intended to help GameStop with its business transformation. However, his appointment came at a time when GameStop was in a bleak period. As a result, Fils-Aime will soon be departing his position along with eight other board members.
James K. Symancyk
GameStop recently announced the election of four new board members. Four of them have previous experience in the gaming industry. Former Nintendo of America president Reggie Fils-Aime will join the GameStop board of directors in June. He will join current board member Bill Simon, who served as the company’s president and COO. James K. Symancyk, the former CEO of PetSmart, will also join the board of directors.
Currently, Symancyk serves as the CEO of PetSmart, Inc., and also serves as the board chairman of Academy Sports & Outdoors, Inc. He has more than 25 years of experience leading complex retail organizations. He has also held senior positions at Meijer and Walmart Stores. In addition to GameStop, Symancyk also serves on the board of directors of Chewy, Inc.
Fils-Aime joined the GameStop board for several reasons. The gaming industry needs GameStop to survive. With the rise of online gaming and cloud gaming, brick-and-mortar stores have struggled to find a place in today’s world. Online retailers are better priced and offer more convenience. However, Fils-Aime was instrumental in turning Nintendo around. He was also the public-facing part of Nintendo.
Carrie W. Teffner
GameStop’s board of directors will experience a major personnel shift in the next few years. Eight members are set to retire at the company’s annual meeting in June 2021. The upcoming departures include Reggie Fils-Aime, Lizabeth Dunn, Raul J. Fernandez, and William Simon. Carrie W. Teffner will replace her.
Previously, Ms Teffner worked for Sara Lee Corporation, holding various domestic and international positions. She has been a member of the Board since August 2018. Before joining the GameStop board of directors, she served on the Banfield board from 2014 to 2015. She was also a director of Crocs for six months in 2015 and was its executive vice president and chief financial officer. She also served on the board of Rebuilding Together, a nonprofit community revitalization organization, from 2013 to 2019.
Reggie Fils-Aime joined the GameStop board in March 2020. Previously, he was the president of Nintendo of America. GameStop had been facing a difficult period, so his appointment as a board member was intended to serve as an advisory role and assist the company with its ongoing transformation. After three years, Fils-Aime is set to step down as president, leaving the board in the hands of the remaining eight members.
Kathy P. Vrabeck
In the past, Vrabeck served as the chief financial officer of EA. The company was the world’s largest multichannel video game retailer. In June 2005, she was named to its board of directors. She has more than two decades of experience in the industry. She previously held top positions at Activision and EA. She has also served on the board of directors of numerous other companies, including the New York Giants, the Atlanta Falcons, and the Miami Heat.
In addition to her role on the Gamestop board, Vrabeck is also the Chief Operating Officer. As COO, Vrabeck is responsible for global supply chain operations, R&D, technology, security, and hardware engineering. Additionally, she serves as Chair of the Nominations & Governance Committee for MediaAlpha, and as a trustee at DePauw University. She holds an MBA from the Indiana University Kelley School of Business and is an avid traveller.
A recent Form 10-K SEC filing revealed that GameStop is looking to trim its board of directors. Eight of its current directors are expected to retire by June 2021. In addition to Vrabeck, the board will also lose five other experienced industry vets. Lizabeth Dunn, Paul Evans, Raul J. Fernandez, William Simon, and Carrie W. Teffner are also set to retire.