The firm introduced Tuesday that Jim Bell, its govt vp and CFO, will resign from his roles on March 26. GameStop (GME) has began trying to find a brand new CFO “with the capabilities and {qualifications} to assist speed up GameStop’s transformation,” it mentioned, hinting on the firm’s efforts to shift its focus from bodily to on-line retail. The announcement comes a few month after a buying and selling frenzy fueled by the Reddit web page WallStreetBets precipitated an enormous spike — and, later, drop — in GameStop’s inventory. From the beginning of the 12 months to January 27, when the inventory closed at $347.51, shares gained practically 1,915%. GameStop inventory is now buying and selling round $45, a giant dip however nonetheless above the place it began the 12 months. The occasion supplied huge publicity for GameStop, garnering the eye of everybody from the White House and Janet Yellen to billionaires like Mark Cuban and Elon Musk, to not point out the whole web. It additionally raised questions on GameStop’s future, as quick sellers who believed the struggling retailer’s fortunes would fall farther had been pitted towards retailer merchants who believed the corporate was being undervalued. When requested by CNN Business concerning the motive for Bell’s departure, a GameStop spokesperson mentioned the corporate is “not offering any additional feedback at the moment in regards to the announcement.” In a press launch, GameStop mentioned it “thanks Mr. Bell for his important contributions and management, together with his efforts over the previous 12 months throughout the COVID-19 pandemic.”Bell turned GameStop’s CFO in June 2019. That 12 months, the corporate’s chief govt admitted GamesStop was in a “robust place” — it was affected by falling gross sales and had plans to shut round 200 shops. While the bigger video gaming trade has been rising, bodily video games, one among GameStop’s mainstays, have change into much less well-liked. Then the pandemic hit and issues acquired a complete lot worse. In September, the corporate introduced it deliberate to shut between 400 and 450 shops globally by the top of the 12 months, round 100 greater than it had initially projected final March. And within the three months that ended October 31, the corporate’s most up-to-date reported quarter, it posted a internet lack of $18.8 million. Still, some buyers stay hopeful concerning the firm’s means to scale back its reliance on gross sales in bodily shops and transition to e-commerce. The founding father of on-line pet retailer, Ryan Cohen, made a big funding in GameStop final 12 months and now sits on its board, together with two former Chewy colleagues, and will assist push the retailer into the digital age. If no everlasting CFO substitute is discovered previous to Bell’s exit, the corporate plans to nominate Chief Accounting Officer Diana Jajeh as interim CFO.