Gamestop seems to be in some serious hot water after seeing their newly appointed CEO Michael K. Mauler leave just three months into the job. Unfortunately for Gamespot, it's the third time the company changed CEOs in just six months.
Mauler's departure is effective immediately and apparently, he did so due to "personal reasons". He will be succeeded by the company's former CEO Daniel A. DeMatteo.
Unfortunately for both Mauler and Gamestop, nobody seems to be buying into his justification for leaving, for several reasons. Namely, the man has been working for Gamestop for 16 years, the kind of loyalty which isn't really common these days.
Furthermore, Gamestop won't be paying Mauler and severance packages, which raised even more eyebrows. Gamestop didn't reveal much more either, claiming that the departure was not caused by "disagreement with the company regarding its financial reporting, policies or practices or any potential fraud relating thereto."
The short, cold explanations offered by Mauler himself didn't help either. Indeed, one would imagine that 16 years of working for a company would warrant at least a few more words. Naturally, this is usually a dead giveaway that there's something more sinister afoot behind the scenes but that's all speculation until there's actual hard proof.
The company finds itself in trouble seeing as how its previous CEO Julian Reines stepped down over health issues and, unfortunately, passed away. Mauler was widely expected to pick up and it seemed to be working for a moment, reportedly thanks to Nintendo Switch numbers.
Ignoring the momentary Switch-related upturn in their fortunes, Gamestop's stock has apparently been in a steady downfall for quite a while and Mauler's departure seems to have made it even worse. It turns out that shareholders don't like it either and Gamestop's stock is said to have dropped the same day.
So far, things don't look particularly rosy for Gamestop but we should know more soon. Hopefully, we don't have to write a similar piece in another few months. Not that it would terribly surprise us, but still.