CENN - GME Stock Falls 6% as GameStop Names New COO
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- GameStop (NYSE:GME) is bringing in Nir Patel as its new COO.
- Patel joins after serving as CEO of Belk for less than a year.
- Shares of GME are falling 6.7% on the news.
GameStop (NYSE:GME) stock is slipping on Monday after the video game retailer revealed Nir Patel as its next COO.
Patel brings with him more than two decades of experience in the retail market. That includes their most recent work at Belk, where they served as the private retail company’s CEO. They have also held leadership roles at other retailers.
It’s worth mentioning that Patel is filling a role left open since former COO Jenna Owens stepped down in October 2021. No reason for the departure was given with a filing with the U.S. Securities and Exchange Commission (SEC) simply stating the two had reached a “separation agreement.”
It’s normal for the price of a stock to rise and fall when changes to management happen. In this case, the hiring of Patel doesn’t seem to be inspiring investors in GME stock. That might have to do with the fact they only lasted as the CEO of Belk for less than a year.
Patel’s departure from Belk was announced late last week with the official reason being “to pursue other interests.” Now it looks like we know what those other interests are as they take on the COO role at GameStop.
GME stock is slipping as trading remains below normal levels today. That’s worth mentioning as GME is popular among meme stock traders. That typically means we see heavy trading alongside news from the company. Only 1.8 million shares have moved as of this writing, as compared to the daily average of $4.4 million shares.
GME stock is down 6.7% as of Monday afternoon.
Investors on the lookout for more stock market news are in the right place!
We’ve got all the hottest stock news that traders need to know about for Monday! Among that is what’s got shares of Nio (NYSE:NIO) stock, AgriForce (NASDAQ:AGRI) stock, and Cenntro Electric (NASDAQ:CENN) stock moving today. You can find out all about these topics at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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