Here’s news that no one saw it coming! The 20th. In April 2020, Reggie Fils-Ame will join the board of GameStop! Our readers know him as the former President of Nintendo of America. He helped launch products such as 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 directors of @GameStopCorp and to contribute to the realization of this project. https://t.co/pYWFGZ9XKj.
– Reggie Fils-Aime (@Reggie) 9 March 2020
OFFICIAL CONFESSION:
GameStop Corporation. (NYSE: GME) today announced the appointment of three new independent directors. The Company’s Board of Directors is comprised 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. The GameStop Board of Directors also announced a number of corporate governance improvements and introduced new policies for the renewal of board and committee mandates, also with immediate effect.
The appointment of Messrs Fils-Amé, Simon and Simancic to the GameStop Board of Directors is the result of an extensive search process by the Board of Directors and the shareholders. After many years of excellent service, four directors – Dan DeMatteo, Gerald Szczepanski, Larry Zilavy and Steve Konin – have decided to retire from the Board of Directors with effect from June 2020 and not to stand for re-election at the company’s Annual General Meeting of Shareholders in 2020. In addition, the two current directors, Jerome Davis and Tom Kelly, have decided to retire with effect from June 2021 and will not be offering themselves 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 of Directors.
After the General Meeting of 2020, the GameStop Board of Directors will consist of ten directors, nine of whom will be independent and six of whom will have served on the Board for less than two years. The median term of office of 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 food renewal process launched by the Council at the beginning of 2019.
Mrs. Vrabek said: On behalf of the entire Board of Directors and management team, I would like to thank Dan, Gerald, Larry and Steve for their important contribution to GameStop. During his tenure, the company has made significant progress towards 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 made by our new management team. 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 board improvements announced today are an important step in the transformation of GameStop as we strive to develop the company’s business strategy for long-term success. We are pleased to welcome Reggie, Bill and JK to the Board of Directors. Each of them is a highly qualified professional and brings considerable and relevant experience to our sales. We look forward to taking advantage of 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 experienced media and technology manager with more than 35 years of experience in business transformation, brand recovery and industrial 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 revenues from 2005 to 2010 and oversaw the successful implementation of the company’s digital strategy. Prior to that, from 2003 to 2006, he was General Vice President of Sales and Marketing at Nintendo of America. 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 over 30 percent. Early in his career, he held various 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 has been appointed to the Board of Directors with effect from 20 January 2014. April 2020 to the Nomination and Corporate Governance Committee.
- William Bill Simon, 60, is an experienced 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 is senior consultant at KKR & Co. He previously 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 at RJR Nabisco, he held senior positions with increasing responsibility at 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 has been appointed as a member of the Audit Committee.
- James J.K. James J.K., 48 years, has over 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 was President and CEO of Academy Sports & Outdoors, Inc. a chain of sports and e-commerce stores. 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 he held the position of Divisional Purchasing Manager. The current Board of Directors consists of 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 as a member of the compensation committee.
Improving corporate governance
GameStop also announced today that, following a review of its collegial and best practices, the Company has improved its corporate governance policy to ensure that the Board of Directors and Board Committees are kept continuously informed.
Immediately after that, the company sets itself a goal:
- The average term of office of independent directors on the Board of Directors is less than ten years.
- The rotation of the members and chairmen of the Supervisory Board’s committees takes place approximately every five years.
Mrs. Vrabek added: We appreciate the views and suggestions of our shareholders, which we have carefully considered when adapting our corporate governance guidelines. The GameStop 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 video games retailer. 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 choice of POPs! Vinyl figures, collectibles, board games and more. Through GameStop’s unique buying and selling program, players can exchange video game consoles, games and accessories and consumer electronics for cash or in-store. The company’s network of consumer products also includes www.gamestop.com and Game Informer® magazine, the world’s leading print and digital gaming publication.
Craig has covered the video game industry since 1995. His work has been published in various media. He is currently editor and employee of Age of Games.
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