Video game retailer GameStop (NYSE:GME) added three new directors to its boardroom on Monday, including recently retired Nintendo (OTC:NTDOY) executive Reggie Fils-Aime. The company also announced the retirement of four directors, including executive chairman and co-founder Dan DeMatteo.
GameStop also added PetSmart CEO J.K. Symancyk and former Walmart (NYSE:WMT) U.S. CEO Bill Simon to the boardroom, effective immediately. GameStop is going through a rough spell with trailing revenue falling 26% year over year and nearly every measure of profitability printed in red ink. Adding these seasoned retail industry executives might help GameStop turn the tide.
The most interesting name on GameStop's list of boardroom additions is still Fils-Aime. He served as president of Nintendo America through some of the Japanese video game company's greatest success stories, including the launches of the Wii, DS, and Switch systems. Fils-Aimes will join GameStop's board in late April.
Winds of change
This is actually a drastic revamp of GameStop's boardroom. The median tenure of the refreshed board will be one year, down from eight years today. Company founder DeMatteo will be replaced as chairman by independent director Kathy Vrabeck, a senior partner of digital and consumer markets at management consulting firm Korn Ferry (NYSE:KFY). And the overhaul continues as two current directors won't stand for reelection in 2021.
There are winds of change blowing through GameStop these days. With Fils-Aime on board and a dramatically younger boardroom overall, GameStop's board of directors is now tasked with making the most of the upcoming holiday season's game console launches.