GameStop Shuffles Executives Around
Retailer GameStop is performing a minor reorganization of its senior management. The company's Chairman and CEO, R. Richard Fontaine, will become Executive Chairman and will "focus on international operations, acquisition opportunities and strategic development." Daniel DeMatteo, who has been GameStop's Chief Operating Officer, will assume the role of GameStop's Chief Executive Officer. J. Paul Raines will also become the company's new Chief Operating Officer in the next few days.
9/4/2008 Update: The new contract with Paul Raines lasts for at least three years, and will pay Raines a minimum of $900,000 per year along with a bonus of at least that amount (and larger minimums if certain performance thresholds are met). Additionally, Raines will receive $1,000,000 and 60,000 shares of stock as a signing bonus, with grants of at least 40,000 shares of stock per year thereafter.
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