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

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.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

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