Game finds new boss but expects profit dip
Friday 18 June 2010
Game Group yesterday appointed a new chief executive who will have the task of turning around the video games retailer's fortunes. Yet Ian Shepherd's appointment was accompanied by predictions that the group's profits would be lower than expected this year.
Mr Shepherd, pictured, will take over as chief executive on 28 June, joining from the mobile phone giant Vodafone, where he was most recently the company's UK consumer director. He worked for nine years at BSkyB before joining Vodafone.
Game has been searching for a new head since the departure of Lisa Morgan, who quit in April after revealing profits had fallen 28 per cent last year. She had been at the company for 13 years and was chief executive for three. Chris Bell, who has acted as chief executive since her departure, will resume his role as the group's senior non-executive director. Game revealed in an interim management statement that since June trading had been tough.
It said the releases of games including Red Dead Redemption had not offset a decline in sales overall. It anticipates "negative full-year like for likes".
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