Details:
Cathy Smith will replace David Carlson, who has been CFO of GameStop since 1996
• Ms. Smith most recently served as EVP/CFO of Centex (from Oct. 2006)
• She also served as CFO of Kennametal, Inc., a global supplier of tooling, engineering components and advanced materials; Bell Systems, a business segment of Textron; and the Intelligence and Information Systems Business of Raytheon Company
• Ms. Smith holds an MBA from USC and a bachelor’s degree in business economics from UC Santa Barbara

David Carlson will stay on with the company to help with the transition until 3/1/2010. He has been with GameStop since 1996
• There has been no reason given for his departure other than he is retiring. He is 46 years old
• Carlson recently purchased 25K GME shares for an average $22.48 on 5/27/09
• He purchased another 25K GME shares for an average $25.08 on 6/2/09

In April of last year, Steve Morgan, GameStop’s President, resigned to pursue other opportunities. He had been with the company for 3 years
Last year Dick Fontaine, longtime CEO and Chairman, handed the CEO title to Dan DeMatteo and is now Executive Chairman

Conclusion:
Negative. At best, the departure is the loss of an experience executive. At worst, it could indicate something more unsightly, although at this time there is nothing to indicate this is the case
We continue to believe that GameStop is challenged by spotty industry trends, a weak economy, increasing competition and now a CFO transition, and continue to direct investors elsewhere