GameStop CFO Fired Amid Cost-Cutting Drive

Mike Recupero had been the financial chief at the video-game retailer since June 2021.

AccessTimeIconJul 8, 2022 at 10:41 a.m. UTC
Updated May 11, 2023 at 4:21 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

GameStop Chief Financial Officer Mike Recupero was fired from the video-game retailer amid a cost-cutting drive that has followed a hiring spree in the last 18 months.

Recupero had served as CFO since June 2021 and will be replaced by Chief Accounting Officer Diana Jajeh.

In a letter to employees, CEO Matt Furlong said GameStop is focused on "eliminating excess costs and operating with an intense owner's mentality."

GameStop has hired more than 600 people since the start of 2021, but it is now looking to reverse that expansion to reduce expenses. Its shares were down 6% to $126,97 in premarket trading on the New York Stock Exchange.

The company has been taking steps into Web3 over the last year, developing a digital asset wallet for storing crypto and non-fungible tokens (NFTs) ahead of its planned launch of a NFT marketplace later this year.

In its latest quarterly report, GameStop reported proceeds of $76.9 million from digital asset sales. It remains to be seen how much the crypto bear market will affect the company.

According to Furlong's letter, however, GameStop intends to develop new products in digital assets and Web3.

GameStop didn't immediately respond to a request for further comment.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about