- After around seven years in the position
- Good wishes for Raines
- Daniel DeMatteo taking over in the interim
(exechange) — Grapevine, Texas, November 14, 2017 — J.Paul Raines, chief executive of GameStop, leaves. It is an abrupt change. As announced by GameStop Corp. in a news release and in a regulatory filing published on Tuesday, November 14, 2017, J.Paul Raines has already left the post as Chief Executive Officer at the electronics retail company after around seven years in the position, effective November 13, 2017.
Raines’ duties are taken over in the interim by Daniel DeMatteo, currently Executive Chairman at GameStop Corp.
Raines’ sudden departure from the post of CEO is explained as follows. GameStop said: “J. Paul Raines has had a reoccurrence of his previously disclosed medical issue and is seeking treatment.”
Share price decline
The change follows a decline in the share price of GameStop Corp. since November 2015.
Chaired by Daniel A. DeMatteo
GameStop Corp. is chaired by Daniel A. DeMatteo.
In the position of CEO since 2010
Prior to being named Chief Executive Officer in June 2010, Raines served as Chief Operating Officer, a position he held since joining the Company in September 2008.
As Chief Executive Officer, Raines has led the on-going transformation of GameStop from the leading global physical video game retailer into a global family of specialty retail brands by building online and digital platforms and expanding the Company’s efforts beyond the video game category, to include a portfolio of AT&T wireless and Apple technology retail brands through its acquisitions of Spring Mobile and Simply Mac.
Prior to joining GameStop, Raines spent eight years with The Home Depot, Inc., a home improvement retailer (“Home Depot”) in various management positions in retail operations, including as Executive Vice President of U.S. Stores and President of the Southern Division.
Prior to Home Depot, he spent four years in global sourcing for L.L. Bean, Inc., a privately-held outdoor apparel and equipment retailer, and 10 years with Kurt Salmon Associates in their consumer products group.
Raines is a member of the Board of Trustees of the Georgia Tech Foundation, a non-profit organization.
Raines serves on the Board of Directors of J.C. Penney and previously served on the Board of Directors of Advance Auto Parts as chair of the Compensation Committee and as a member of the Finance Committee and Nominating and Corporate Governance Committee.
Push-out Score not determined
When the reason for the departure is health-related, a Push-out Score™ is not determined.
Read the full story in the exechange report 47.2017 ($).