By Dhirendra Tripathi
Investing.com – GameStop (NYSE:GME) shares, a favorite of Robinhood traders, fell more than 4% in Tuesday’s trade on news that another senior executive was ready to leave the company.
March 31 will be the last day for the brick-and-mortar retailer’s chief customer officer Frank Hamlin. The company’s chief financial officer Jim Bell earlier announced plans to step down.
The exits come as a result of the shakeup its top shareholder and Chewy Inc (NYSE:CHWY) co-founder Ryan Cohen is driving at the video game retailer.
Cohen hopes to transform the long-forgotten GameStop into an e-commerce player that can take on big-box retailers. He brought in his Chewy colleague Kelli Durkin as senior vice president of customer care at GameStop. Durkin spearheaded customer-centric initiatives at Chewy that included personal written notes for them.
Investors are closely watching GameStop's fourth quarter results expected today.
GameStop is amongst the most popular meme stocks that has caught the fancy of young retail investors and the millennials. It attracted worldwide attention in January when followers of the Reddit forum, WallStreetBets, plotted against hedge funds who were heavily short on the stock.
The Reddit-driven short-squeeze sent the stock skyrocketing by more than 5000% to as high as $481.99 last month, far above most analysts’ price targets. Since then, it has been a battle of egos between the small-time retail traders and the bigwigs, with fears it could end very badly for the former.