Retailer GameStop announced that its CEO Paul Raines underwent unscheduled surgery last week to remove a small, cancerous tumor from his brain. The company revealed the news in a Securities and Exchange Commission filing. The surgery, removed the tumor from an "easily accessible" part of Raines' brain and was a success. Raines is expected to make a full recovery, according to GameStop.
"Because it was found very early, his doctors have advised him that his prognosis for a full and complete recovery is very good," GameStop said in a statement. "The next step is for Paul to undergo preventive chemotherapy. Recovery from this process is expected to take about six weeks. This regimen will restrict his travel during that period, but will not interfere with his continued leadership of the company."
"Speaking for the Board, we have every confidence in Paul's continued leadership and wish him a speedy recovery," GameStop executive chairman Daniel DeMatteo said. "While he recovers, our highly-tenured executive team will ensure that our business continues without interruption."
GameStop will report earnings for the latest quarter this Thursday, August 21. Raines will not attend the event for oblivious reasons.