GameStop COO Hits The Exit Button After Being In Office For Under A Year: What You Need to Know

Meme stock GameStop Corp. GME, which has been flying under the radar for a while now, has come back into the spotlight after an SEC filing late Friday revealed an executive departure.

What Happened: Texas-based GameStop, a video game retailer, disclosed in an 8-K filing that its chief operating officer Jenna Owens has left the company, effective Oct. 25.

The company said a separation and release agreement has been signed with Owens, effective Oct. 28.

The responsibilities associated with the position will now be handled by other members of the management team, it said.

Owens, the company said, will be eligible to receive severance benefits, including six months base pay, an amount equal to the applicable premiums for COBRA continuation coverage for six months and the remaining portion of her sign-up bonus.

GameStop failed to give reasons for the sudden departure.

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Why It's Important: GameStop hired Owens, a former Amazon, Inc. AMZN executive, in late March. Her responsibility was demarcated as overseeing functions that include business intelligence, fulfillment, supply chain, and store operations.

The move could be seen as a setback to GameStop Chairman Ryan Cohen's efforts to turnaround the company's floundering business. Cohen is aiming to position the company as a potent rival to Amazon, moving away from being merely a brick-and-mortar retailer. The company has completely overhauled its management team this year.

GameStop's stock has emerged as among the retail favorites, and has seen huge upside from the WallStreetBets phenomena.

After closing Friday's session at $183.51, up a modest 0.36%, the stock retreated 1.10% to $181.50 in extended trading.

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