GameStop Appoints New CEO

Leading U.S. video game specialty retailer GameStop has announced that Steven R. Morgan has been promoted to become GameStop's new President. replacing Joe DePinto, who returned to former employer 7-11 as President and CEO late last month. Morgan was most recently Electronic Boutique's President for North American stores and President of Electronics Boutique Canada, before the company's recent merger with GameStop, and was previously a senior manager at Federated Department Stores and May Department Stores. GameStop's latest financial results showed a decrease in comparable store sales of 12%, as the run-up to a poor holiday season has adversely affected its sales, but the company is hoping that increased flow of Xbox 360 hardware and continued high margins brought by used game sales will buoy the company into the next hardware generation. "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," said GameStop's Chairman and Chief Executive Officer, R. Richard Fontaine. "At Electronics Boutique, Steve recently led their Canadian operations to explosive growth and a leading share of the Canadian market."