Struggling retailer Game Digital’s stock dips after new chairman appointed
Video game retailer Game Digital's share price was down this morning after it announced the appointment of a new chairman, who will take up the position following the group's AGM in January next year.
John Jackson, who has been a senior non-executive of the struggling Basingstoke-based group since 2014, will succeed David Hamid as chairman designate.
David has been chairman of Game Digital since its IPO for £340m in 2014, and of Game Retail Limited since 2012.
John Jackson has been senior independent non-executive director of Game Digital since June 2014. He is also a non-executive director of Playtech and Wilkinson Hardware Stores and non-executive chairman of the Rick Stein Group.
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Game's share price was down 1.8 per cent to 74.16p this morning following the announcement.
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Martyn Gibbs, Game Digital's chief executive, said: "I am really pleased that John, with his huge wealth of experience in building brands and companies, will be taking up the role of chairman as we focus on executing our strategy and transforming our business."
Soon-to-be chairman John Jackson said: "Game Digital has achieved much despite challenging markets over David’s tenure as chairman. During his time, he has ensured the group has maintained a strong focus on its strategic development. Good progress has been made but there is still much more that we can achieve."
The retailer said in a trading update last month that it expects its revenues to reach £815m in the year to July, meaning it has been unable to claw back the ground it lost in the first half of the year.
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