(CNBC) GameStop stock jumped more than 12% on news that Amazon’s former executive Matt Furlong will be its new CEO from June 21. Another former e-commerce retailer’s executive Mike Recupero will act as the chief financial officer.
Furlong has almost nine years working for Amazon and also served at Procter & Gamble
Recupero, who started working with Amazon 17 years ago, was recently the e-commerce giant’s chief financial officer for consumer business in North America.
The appointment come when GameStop is seeking to turnaround its business.
GameStop has in the past recruited three former Amazon executives and brought in Chewy co-founder Ryan Cohen in efforts to revamp its online presence.
GameStop is currently trading down. GME: NYSE is down 5.72% on premarket.