GameStop Corp. (NYSE: GME) today announced that it
has appointed two new independent directors to its board – Raul
Fernandez and Lizabeth Dunn. Raul, age 52, brings more than 20
years of executive experience in scaling innovation and rapid
growth in the sports and entertainment and technology industries.
Lizabeth, age 45, brings more than 20 years of consumer products,
brand strategy and retail industry expertise to GameStop.
The appointments of Raul and Lizabeth were made
pursuant to the company’s previously announced cooperation
agreement with Permit Capital Enterprise Fund, L.P. (Permit
Capital) and Hestia Capital Partners L.P. (Hestia Capital). Under
the terms of the agreement, the company agreed to appoint a new
independent director from among a group of candidates identified by
Permit Capital and Hestia Capital to its board of directors, and
Lizabeth is their nominee and joins the nominating and corporate
governance and the compensation committees. GameStop also agreed to
nominate an additional independent director and Raul is the
company’s nominee and joins the audit committee.
Dan DeMatteo, executive chairman, stated, “We
welcome our two new independent directors to the GameStop board. We
are confident Raul and Liz will be valuable assets to GameStop as
we continue positioning the Company for the future. We look forward
to leveraging their expertise across our organization and remain
focused on aggressively pursuing innovative opportunities that
create meaningful experiences for our customers and drive value for
shareholders.”
Raul serves as Vice Chairman and Owner of
Monumental Sports & Entertainment, a private partnership that
co-owns the NBA’s Washington Wizards, the NHL’s 2018 Stanley Cup
Champion Washington Capitals, the WNBA’s Washington Mystics, Team
Liquid eSports and Wizards District Gaming NBA 2K, as well as
co-owns and operates Capital One Arena in Washington, D.C. He also
serves as Special Advisor and Limited Partner to General Atlantic
Partners, a growth equity firm with more than $31 billion under
management. He previously served in several leadership roles at
various technology companies, including as Chairman and CEO for
ObjectVideo, a leading developer of intelligent video surveillance
software. He holds a bachelor’s degree in economics from the
University of Maryland and is an active philanthropist, focusing
his energy primarily on education reform in the D.C. region.
Lizabeth is the Founder and CEO of Pro4ma Inc,
an information technology services consulting firm that provides
cloud-based data forecasting and predictive analytics tools to
retailers. She also is the Founder and CEO of Talmage Advisers, a
retail and branded consumer products consulting firm that provides
a full range of services across brand strategy, pricing analysis,
financial benchmarking and transactional due diligence. Prior to
founding these firms, Lizabeth served in various consulting and
financial analyst roles for leading financial firms and retail
organizations, including Macquarie Group, FBR, Thomas Weisel,
Prudential Equity Group, Bear Stearns, Gap Inc. and Liz Claiborne.
She holds a bachelor’s degree in economics from Spelman
College.
Raul and Lizabeth will stand for election at
GameStop’s 2019 Annual Meeting of Shareholders and, following the
2019 Annual Meeting, the GameStop board will comprise 11 directors,
nine of whom are independent.
About GameStop
GameStop Corp., a Fortune 500 company
headquartered in Grapevine, Texas, is a global, multichannel video
game and consumer electronics retailer. GameStop operates over
5,800 stores across 14 countries. The company's consumer product
network also includes www.gamestop.com; Game Informer® magazine,
the world's leading print and digital video game publication; and
ThinkGeek, www.thinkgeek.com, the premier retailer for the global
geek community featuring exclusive and unique video game and pop
culture products, and Simply Mac, which sells the full line of
Apple products, including laptops, tablets, and smartphones and
offers Apple certified warranty and repair services. General
information about GameStop Corp. can be obtained at the company’s
corporate website. Follow @GameStop and @GameStopCorp on Twitter
and find GameStop on Facebook
at www.facebook.com/GameStop.
Safe Harbor
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements are based upon management’s
current beliefs, views, estimates and expectations, including as to
the Company’s industry, business strategy, goals and expectations
concerning its market position, future operations, margins,
profitability, capital expenditures, liquidity and capital
resources and other financial and operating information. Such
statements include without limitation those about the Company’s
expectations for fiscal 2019, future financial and operating
results, projections, expectations and other statements that are
not historical facts. All statements regarding the Board’s review
of strategic and financial alternatives and expected costs and
benefits, including whether operating, strategic, financial and
structural alternatives and initiatives could unlock value, are
forward-looking statements. Forward-looking statements are
subject to significant risks and uncertainties and actual
developments, business decisions and results may differ materially
from those reflected or described in the forward-looking
statements. The following factors, among others, could cause
actual results to differ from those reflected or described in the
forward-looking statements: the uncertain impact, effects and
results of the board’s review of operating, strategic, financial
and structural alternatives; volatility in capital and credit
markets, including changes that reduce availability, and increase
costs, of capital and credit; our inability to obtain sufficient
quantities of product to meet consumer demand; the timing of
release and consumer demand for new and pre-owned products; our
ability to continue to expand, and successfully open and operate
new stores for our collectibles business; risks associated with
achievement of anticipated financial and operating results from
acquisitions; our ability to sustain and grow our console digital
video game sales; the impact of goodwill and intangible asset
impairments; cost reduction initiatives, including store closing
costs; risks related to changes in, and our continued retention of,
executive officers and other key personnel; changes in consumer
preferences and economic conditions; increased operating costs,
including wages; cyber security events and related costs; risks
associated with international operations; increased competition and
changing technology in the video game industry; changes in domestic
or foreign laws and regulations that reduce consumer demand for, or
increase prices of, our products or otherwise adversely affect our
business; our effective tax rate and the factors affecting our
effective tax rate, including changes in international, federal or
state tax, trade and other laws and regulations; the costs and
outcomes of legal proceedings and tax audits; our use of proceeds
from the sale of our Spring Mobile business; and unexpected changes
in the assumptions underlying our outlook for fiscal 2019.
Additional factors that could cause our results to differ
materially from those reflected or described in the forward-looking
statements can be found in GameStop's Annual Report on Form 10-K
for the fiscal year ended February 2, 2019 filed with the SEC and
available at the SEC's Internet site at http://www.sec.gov or
http://investor.GameStop.com. Forward-looking statements contained
in this press release speak only as of the date of this release.
The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by any
applicable securities laws.
Additional Information and Where to Find
ItThis filing may be deemed to be solicitation material in
respect of the matters to be considered at the Company’s 2019
annual meeting of shareholders (the “2019 Annual Meeting”). In
connection with the 2019 Annual Meeting, the Company plans to file
with the Securities and Exchange Commission (“SEC”) and furnish to
the Company’s shareholders one or more proxy statements and other
relevant documents. BEFORE MAKING ANY VOTING DECISION, THE
COMPANY’S SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT(S) IN
THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AND ANY OTHER DOCUMENTS
TO BE FILED WITH THE SEC IN CONNECTION WITH THE COMPANY’S 2019
ANNUAL MEETING OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENTS
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY’S
2019 ANNUAL MEETING AND THE PARTIES RELATED THERETO. The Company’s
shareholders will be able to obtain a free copy of documents filed
with the SEC at the SEC’s website at http://www.sec.gov or the
Company’s website at http://investor.GameStop.com.
Participants in the
SolicitationThe directors, executive officers and certain
other members of management and employees of the Company may be
deemed “participants” in the solicitation of proxies from
shareholders in connection with the matters to be considered at the
Company’s 2019 Annual Meeting. Information regarding the persons
who may, under the rules of the SEC, be considered participants in
the solicitation of the shareholders of the Company in connection
with the Company’s 2019 Annual Meeting will be set forth in the
applicable proxy statement and other relevant documents to be filed
with the SEC. You can find information about the Company’s
executive officers and directors in the Company’s definitive proxy
statement in connection with the Company’s 2019 Annual Meeting when
filed with the SEC on Schedule 14A and the Company’s and such
persons’ other filings with the SEC.
ContactGameStop Corp. Investor
Relations(817) 424-2001investorrelations@gamestop.com
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