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GameStop reshuffles team, promotes No. 2 to chief executive

GameStop said Friday that Chief Executive Richard Fontaine is stepping down as CEO and will be replaced in the post by Daniel DeMatteo, the company's chief operating officer.

Fontaine, 66, will remain as chairman, the Grapevine retailer said. He will focus on "international operations, acquisition opportunities and strategic development" as executive chairman. Fontaine has been chairman and chief executive since the company's inception in 1996.

DeMatteo, 60, has been chief operating officer since 1996 and he added the role of vice chairman in 2004.

J. Paul Raines, 44, former executive vice president of U.S. stores for Home Depot, will become the company's chief operating officer.

"Dan and I have worked together for over 12 years, and with an outstanding team of leaders, we have built GameStop into one of the fastest-growing and most successful specialty retailers worldwide," Fontaine said.

"Dan's move into the CEO role will assure the continuity of performance that has been a GameStop hallmark. His leadership, drive, and insight into the video game business and its huge upside potential make him the obvious choice as CEO."