GameStop Terminates CFO

(RTTNews) - GameStop Corp. (GME) disclosed in a regulatory filing that it terminated its chief financial officer amid reports of layoffs. The company appointed Diana Saadeh-Jajeh as its Chief Financial Officer, effective immediately.

GME closed Thursday regular trading at $135.12 up $17.69 or 15.06%. But in the after-hours trade, the stock down $7.58 or 5.61%.

According to reports, the struggling video game retailer is making a "number of reductions" to staff.

GameStop said it terminated the employment of Michael Recupero as its Chief Financial Officer effective immediately. Recupero will be entitled to certain remuneration, rights and benefits associated with a termination without Cause pursuant to his offer letter. Recupero is not entitled to any severance payments beyond what is set forth in his offer letter from the company.

Simultaneously with Recupero's termination, Diana Saadeh-Jajeh, who is currently serving as the company's Senior Vice President and Chief Accounting Officer, has assumed the role of Chief Financial Officer.

On Wednesday, GameStop said its board approved and declared a four-for-one split of the company's Class A common stock in the form of a stock dividend.