"Grapevine, Texas-based GameStop says chairman and CEO R. Richard Fontaine will relinquish his role as CEO and become executive chairman — a position in which he will focus on international operations, acquisitions and strategic development."
Acquisitions, hmmm,,,maybe WE will buy BBY....LOL!
Here I am with more historical perspective to those who care to read it. I'll preface this by saying that I'm extremely pro GameStop. If they could fart into a microphone, I'd buy the track for my iPod.
Having worked for GameStop for almost 13 years I can say that having Dick Fontaine move into this roll of executive chairman is very bullish. Dick is an amazing business man. Back in the day, he was one of the architects of the deal which gave him, Dan DeMatteo and Len Riggio ownership of a bankrupt NeoStar after a bidding war with EB Games. He was also visionary in seeing that margins in video games and mall based retailing would not be a sustainable combination. That started the forray into the used business and the ultimate purchase of Funcoland. That was the precursor of today's GameStop. Utimately, when EB Games came to GameStop inquiring to purchase them, Dick constructed the deal which had GameStop buy EB Games. Doubling the company overnight with international exposure and putting the stock on a rocket ride which we all enjoy today.
Dan Dematteo is the obvious and natural fit to become the CEO. He has the drive and the desire to win in the competitive environment.
But Paul Raines?......are ya kiddin me.
I've worked for The Home Depot for the past two years. During that time Paul Raines was the Divional President for the Southwestern US. When Bob Nardelli left the company as CEO, Paul moved into the position of EVP of stores. Esentially overseeing all retail stores. But, as for what he accomplished during his tenure....
Zip...nada...blank-o....goose egg. About as useful as a fart in church. Home Depot's largest hurdles are stemming the tide of negative comps and downward revisions of sales outlooks. The other, bigger, challenge was to regain it's footing on great customer service which the company used to have as top of class. He made no progress in either arena.
I would have thought GameStop to have done more due dillegence on him. I would have thought there to be more qualified people either within the gaming world or, large format retailer like BBY or WalMart etc.