Michael Mauler is out as CEO of GameStop after just three months on the job, the video game retailer announced on Friday.
Mauler resigned for “personal reasons” effective immediately, GameStop said in a press release.
“His resignation is not due to any disagreement with the Company regarding its financial reporting, policies or practices, or any potential fraud relating thereto,” a spokesperson told Variety.
The company’s board of directors appointed co-founder Daniel DeMatteo as interim chief executive officer. He will also continue to serve as executive chairman and director.
“Given my tenure and familiarity with the company and our associates, it’s a natural step for me to assume this role and guide the business at this time while the board searches for a permanent CEO,” DeMatteo said. “I’m happy to have Rob Lloyd, our CFO, and his 22 years of experience with GameStop alongside me as we work towards executing against our 2018 objectives. We continue to believe in GameStop and the many passionate associates that drive our business and are encouraged by the opportunities ahead of us.”
Mauler worked at GameStop for more than 16 years before taking on the role of CEO in February. He held a number of positions at the company, including executive vice president and president of its international division. He also served on its board of directors.
Mauler replaced former CEO J. Paul Raines, who was appointed to the position in 2010. Raines took medical leave in November of 2017 following a cancer relapse, then permanently resigned in February of 2018. He died a month later.
GameStop is the largest independent retailer of physical video games, but it’s struggled to adapt to the growing digital games market. While total global sales increased 15% in the fourth quarter of fiscal 2017 and new hardware sales rose 44.8%, the company reported a net loss of $105.9 million, compared to $208.7 million in the prior year.
GameStop stocks tumbled after Friday’s announcement, falling as much as 2.57% in the early afternoon to $12.71 a share.