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GameStop CEO resigns after three months, shares drop

  • GameStop CEO Michael Mauler resigned after only three months on the job.
  • The company's co-founder Daniel A. DeMatteo will serve as interim CEO.
  • The video game retailer, which has struggled in an era of downloadable games, has also faced leadership hurdles.

GameStop CEO Michael Mauler resigned Wednesday after only three months on the job, the company said Friday. The video game retailer said Mauler's sudden departure was for "personal reasons," and that Mauler would not receive severance or other benefits.

GameStop's stock fell as much as 4 percent following the announcement.

GameStop co-founder Daniel A. DeMatteo has been appointed interim CEO, the company said. DeMatteo also serves as executive chairman and a director.

"Given my tenure and familiarity with the company and our associates, it's a natural step for me to assume this role and guide the business at this time while the board searches for a permanent CEO," DeMatteo said in a statement.

The video game retailer, which has struggled in an era of downloadable games, has also faced leadership hurdles. Shortly after Mauler was appointed in February, the company fired two top executives.

Paul Raines, who had served as CEO for eight years, resigned in November 2017 for health reasons. Raines died in March.