Gamestop Promotes COO Raines To CEO

Video game retailer GameStop announced several changes to its executive team, including the promotion of its chief operating officer J. Paul Raines to CEO, replacing Daniel DeMatteo, who now serves as executive chairman. Raines joined GameStop as COO in September 2008, and prior to that, he held various management positions at The Home Depot, L.L. Bean, and Kurt Salmon Associates. In his new role as the retailer's CEO, he will work with DeMatteo to develop GameStop's "long-term strategic direction". DeMatteo, who took over as the company's head in August 2008, is stepping down as GameStop's CEO. The retailer says that DeMatteo will continue to define the company's brick and mortar growth objectives, as well as oversee development of its domestic and international digital initiatives. GameStop's board of directors notes that while DeMatteo is taking over a role once held by Dick Fontaine, another former CEO and executive chairman, Fontaine continues to advise the company. He now serves as "chairman international", and will work with DeMatteo and GameStop International's EVP to grow the company's network of more than 2,000 international stores. The company's executive vice president of Merchandising and Marketing Tony Bartel is also moving up into the newly-created position of president. His new responsibilities include leading GameStop's digital and online strategies, and growing the company's footprint in that space. Other promotions include the retailer's interim chief financial officer Robert Lloyd, who now serves as GameStop's full CFO and executive vice president; and former senior vice president of Supply Chain and International Support Michael Mauler, now GameStop International's executive vice president. "GameStop has an exceptionally strong management team," says GameStop's new CEO J. Paul Raines. "When a new chief executive has the opportunity to work hand-in-hand with company founders Dick Fontaine, Dan DeMatteo and GameStop Board Member Len Riggio, it allows for a unique opportunity to deliver bottom-line results within a company that has made an indelible mark as the leading retailer within the gaming industry." He adds, "[The company's new executive structure] reflects the fact that the video game industry is evolving into different platforms beyond the console, and GameStop is well positioned as a multi-channel retailer and aggregator for all things gaming."