James GordanHere’s news that no one saw coming! The 20th. In April 2020, Reggie Fils-Ame will join the Board of Directors of GameStop! Our readers know him as the former president of Nintendo of America. He helped launch products like the Nintendo DS, Wii and Nintendo Switch into the stratosphere. The impact of his role at GameStop is unclear, but we hope he can help the struggling retailer.
The gaming industry needs a healthy and dynamic @GameStop. I am very happy to be part of the board of @GameStopCorp and contribute to the realization of this project. https://t.co/pYWFGZ9XKj.
– Reggie Fils-Aime (@Reggie) March 9, 2020
OFFICIAL CONFESSION:
GameStop Corporation. (NYSE: GME) today announced the appointment of three new independent directors. The Company’s Board of Directors is composed of Reginald Reggie Fils-Ame, William Bill Simon and James J.C. Symantici. The appointments of Mr. Simon and Mr. Simantic take effect immediately; the appointment of Mr. Fil-Amé takes effect from the 20th day after the date of appointment. April 2020. GameStop’s Board of Directors also announced a number of corporate governance improvements and implemented new policies for the renewal of Board and committee mandates, also effective immediately.
The appointment of Messrs. Fils-Amé, Simon and Simancic to GameStop’s Board of Directors is the result of an extensive search process by the Board and shareholders. After many years of outstanding service, four directors – Dan DeMatteo, Gerald Szczepanski, Larry Zilavy and Steve Konin – have decided to retire from the Board of Directors effective June 2020 and will not stand for re-election at the Company’s 2020 Annual Meeting of Shareholders. In addition, the two current directors, Jerome Davis and Tom Kelly, have decided to retire with effect from June 2021 and will not stand for re-election at the Company’s Annual General Meeting in 2021. Cathy Vrabek, Senior Independent Director of GameStop, will succeed Mr. DeMatteo as Chairman of the Board.
Following the 2020 Annual General Meeting, GameStop’s Board of Directors will consist of ten directors, nine of whom are independent and six of whom have served on the Board for less than two years. The median term of office for a director will be one year, which is significantly lower than the previous median term of eight years. These changes are important elements of the nutrition renewal process that the Council initiated in early 2019.
Mrs. Vrabek said: On behalf of the entire Board of Directors and management team, I would like to extend my sincere thanks to Dan, Gerald, Larry and Steve for their significant contributions to GameStop. During his tenure, the Company made significant progress toward our goal of becoming the leading multi-channel retailer with the largest market share in the gaming category, and we appreciate his leadership, guidance and thoughtful performance. Looking to the future, we are excited about the progress our new management team has made. We believe they will continue to turn around and transform the company to create shareholder value by pursuing opportunities to create meaningful entertainment for our customers and expanding partnerships with game publishers and console and PC developers.
George Sherman, CEO of GameStop, said the board renewal and governance improvements announced today are an important step in GameStop’s transformation as we look to develop the company’s business strategy for long-term success. We are pleased to welcome Reggie, Bill and JK to the Board. Each is a highly qualified professional and brings significant and relevant experience to our sales. We look forward to benefiting from their expertise and perspectives as we navigate the evolving gaming and retail environment, execute our strategic initiatives, and prepare the company to maximize value as we launch the next generation of consoles later this year.
Appointment of members of the Board of Directors and composition of the Committee
The three new GameStop directors are highly qualified individuals who collectively have extensive expertise and experience in retail, sales, consumer products, gaming and finance related to the company, its current sales and its strategic plan to generate long-term shareholder value.
- Reginald Reggie Fils-Ame, 58, is an accomplished media and technology executive with more than 35 years of experience in business transformation, brand recovery and industry reorganization. From 2006 to 2019, he served as President and Chief Operating Officer of Nintendo of America, Inc. During his tenure, Mr. Fils-Amé focused on the development and launch of new products, including the Nintendo DS, Wii, Nintendo 3DS and Nintendo Switch. He quadrupled the company’s revenue from 2005 to 2010 and oversaw the successful implementation of the company’s digital strategy. Prior to that, he was General Vice President of Sales and Marketing at Nintendo of America from 2003 to 2006. Prior to joining Nintendo, Mr. Fils-Ame was Senior Vice President of Marketing at VH1 from 2001 to 2003, where he led a strategic shift to attract young consumers, resulting in audience growth of more than 30 percent. Early in his career, he held several marketing positions in various consumer products and manufacturing companies, including Cycle Derby Corporation, Guinness Import Company, Panda Management Company, Inc. Mr. Fils-Aime holds a bachelor’s degree in Applied Economics from Cornell University. Mr. Fils-Amé was appointed to the Board of Directors effective January 20, 2014. April 2020 to the Nominations and Corporate Governance Committee.
- William Bill Simon, 60, is an accomplished executive with more than 30 years of operational and strategic consulting experience in the retail, consumer products and food and beverage industries. Since 2014, he has been a senior consultant at KKR & Co. Previously, he held various executive positions at Walmart Inc. from 2006 to 2015, including President and Chief Executive Officer of Walmart U.S. from 2010 to 2014, Chief Executive Officer and General Manager of Walmart U.S. from 2007 to 2010, and General Manager of Professional Services and New Business Development from 2006 to 2007. Earlier in his career, Mr. Simon was Vice President of Beverage Marketing at Cadbury Schweppes plc. After beginning his career with RJR Nabisco, he held senior positions of increasing responsibility with PepsiCo, Inc. He is currently a director of Anixter International Inc, Chico’s FAS and Darden Restaurants, Inc. Mr. Simon holds an MBA and a BA in Economics from the University of Connecticut. Mr Simon was appointed as a member of the Audit Committee.
- James J.K. James J.K., 48, has more than 25 years of experience in retail and consumer products. Since 2018, he has served as President and Chief Executive Officer of PetSmart, Inc. Previously, from 2015 to 2018, he served as President and CEO of Academy Sports & Outdoors, Inc. a chain of sporting goods stores and e-commerce shops. Previously, he held executive positions at Meijer, Inc. a regional supermarket chain, including President, Chief Operating Officer and Executive Vice President of Merchandising and Marketing. He began his career at Sam’s Club, where his positions included Divisional Purchasing Manager. The current board of directors includes Petsmart and Chewy, Inc. and the former Academy of Sports and Outdoors. Mr. Symantic received his bachelor’s degree from the University of Arkansas. Mr. Simantic was appointed to the Compensation Committee.
Improving corporate governance
GameStop also announced today that, following an evaluation of collegial and best practices, the Company has enhanced its corporate governance policies to ensure that the Board of Directors and Board committees are kept informed on an ongoing basis.
Immediately after, the company sets a goal:
- The average term of office of the independent directors on the Board of Directors is less than ten years.
- The rotation of members and chairmen of the Supervisory Board committees takes place approximately every five years.
added Mrs. Vrabek: We appreciate the views and suggestions of our shareholders, which we have carefully considered in amending our corporate governance guidelines. GameStop’s Board of Directors unanimously supports these improvements, and we remain committed to the Board’s ability to create long-term value for all shareholders.
About GameStop
GameStop, a Fortune 500 company headquartered in Grapevine, Texas, is the world’s largest retailer of video games. The company has approximately 5,500 stores in 14 countries and offers the best selection of new and used game consoles, accessories and video game titles in both physical and digital formats. GameStop also offers fans a wide selection of POPs! Vinyl figures, collectibles, board games and more. GameStop’s unique buy and sell program allows players to trade in video game consoles, games and accessories and consumer electronics for cash or in-store. The company’s consumer products network also includes www.gamestop.com and Game Informer® magazine, the world’s leading print and digital gaming publication.
Craig has been covering the video game industry since 1995. His work has been published in various media. He is currently an editor and contributor to Age of Games.
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