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Rise, my apprentice: GameStop names new CEO
(Post contains optional musical accompaniment. Play video after break, then read for full effect.) The imperial cash masters of GameStop announced today that Daniel DeMatteo will replace Richard Fontaine as the company's Sith Lord chief executive. Fontaine will focus on international domination through "acquisitions and strategic development." DeMatteo, who previously held the position of chief operating officer, will see that role filled by new apprentice Paul Raines, a former executive VP at Home Depot Inc. Fontaine, who will continue attempting to solidify GameStop's global supremacy at the age of 66, had been the company's master since 1996. His new title will be that of executive chairman once the management changes take effect Sept. 7. Look out world: Fontaine's coming.
GameStop keeps the cash faucet on full blast for Q1
GameStop reported $62.1 million in earnings (a 151% increase) year-over-year for its first quarter ending on May 3. GameDaily reports the company also saw a 42% increase in sales to $1.8 billion, with new game sales giving a nice bump to the company, thanks to major releases during the period like GTA IV, Super Smash Bros. Brawl, Mario Kart Wii, RSV 2 and Army of Two.GameStop's CEO R. Richard Fontaine maintains a "bullish" outlook for the rest of the year. He states the company's data shows that hardware sales grew incrementally higher in 2007 than in any other year and he expects a similar performance in 2008. Fontaine maintains GameStop is well on its way to opening about 600 stores in 2008, with half those located outside the US. The company also raised its guidance for the full fiscal year to show around 30% growth over the megatons of cash it made last year. Working conditions and customer service be damned, there be money in dem dar pawnshops for stockholders!
