GameStop has fired its chief financial officer, Mike Recupero, and promises an unspecified number of layoffs.

GameStop CEO Matt Furlong made the announcement in an internal memo obtained by Axios.

Furlong stated that the company’s actions are directed toward cutting costs, according to Axios.

Diana Jajeh, the company’s chief accounting officer, is set to replace Recupero as the company’s new CFO, according to CNBC who published the memo.

Jajeh will have a starting annual salary of $200,000, according to the U.S. Securities and Exchange Commission, CNBC reported.

The company made headlines in early 2021 when Reddit users shorted GameStop stock, according to Business Insider.

Elon Musk helped to raise the stock when he tweeted, “Gamestonk!!”

So far, the the gaming company’s stock has declined 8.9% in 2022, according to MarketWatch.

Gamestop announced a four-for-one stock split to counter its falling stocks which the company’s board approved to take effect on July 22.

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