Paul Loughrey
12:57 (BST)
20/12/2005
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Former EB president to head newly merged GameStop
Further executive shuffles for games retail giant
Retail giant GameStop has announced the promotion of ex-Electronics Boutique executive Steve Morgan, following the recent acquisition of EB and the departure of former president Joe DePinto.
Prior to the much publicised merger between the two companies, Morgan served as president of Electronics Boutique Canada, steering the retailer to substantial success in the territory and gaining a leading share of the Canadian games retail market. Morgan also served as president of North American stores, and had previously worked in senior roles for Federated Department Stores and May Department Stores.
GameStop chairman and CEO, R. Richard Fontaine, commented: "The promotion of Steve Morgan as the Company's next President is a continuation of his history of personal accomplishment and highlights the fact that our newly combined company has many talented people capable of driving our growth."
The combined company now owns over 4,000 retail stores throughout the US and abroad, in addition to its online retail channel. In spite of poor Q3 financial results, hampered by slow sales and the negative effect on consumer spending caused by Hurricanes Katrina and Rita, GameStop remains confident of a continued increase in revenue. Its support of the next-generation Xbox 360 launch, combined with a consistent revenue stream from pre-owned software sales, is expected to result in a positive report for the full fiscal period.
Morgan replaces former GameStop president Joe DePinto, who left the firm last month to return to the 7-11 retail chain where he served prior to joining GameStop. Morgan is expected to step into his new role with immediate effect.
Daniel A. DeMatteo, GameStop's Vice-Chairman and Chief Operating Officer, stated, "Steve is an experienced leader with a passion for execution that will be needed to deliver on our full potential, achieve the synergies of our combination with Electronics Boutique, and enhance GameStop's ability to provide a superior shopping experience for our customers."
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