GameStop shares rebound after hours of CFO resignation

GameStop Shares appeared to be given a second life on Wednesday as the stock price jumped more than 80% after-hours trading to $ 168. This came after a late afternoon surge doubled the opening price to $ 44.70.

The stock rally comes after news on Tuesday that Jim Bell, the retailer’s chief financial officer, is stepping down. Bell will resign from GameStop on March 26, the company said in a statement. Diana Jajeh, current senior vice president of GameStop, will serve as interim CFO while the company seeks a permanent replacement.

Bell did not leave the company voluntarily, according to Business Insider. He was reportedly pushed by the board due to a lack of faith and an initiative to reshape the company by Ryan Cohen, co-founder of Chewy, who made a significant investment in the video game retailer Last year.

Cohen tweeted an image of an ice cream cone on Wednesday. While it doesn’t seem to matter, it did come as GameStop’s stock started to rise.

The video game retailer has seen its price skyrocket end of January thanks to a push by traders on the r / WallStreetBets subreddit, peaking at around $ 480. He has since continued to decline, losing much of its value.