Love them or hate them, it's hard to deny that GameStop is a major player in the video game industry. It is with a heavy heart then, that we report that former GameStop CEO Paul Raines, 53, has reportedly passed away. Raines spent eight years on GameStop's board of directors before resigning last month "to focus on his health and family."
In 2014, Raines successfully underwent a procedure to remove a cancerous brain tumor and received a good prognosis from his doctor. Unfortunately, this tumor came back late last year, causing Raines to temporarily step down as CEO in order to deal with the condition. He has been on medical leave ever since and was set to officially end his employment at GameStop in the middle of this month.
News of Raines' passing was first reported within an internal memo early today, and it has slowly started to make its way across the internet. Though GameStop has yet to officially announce anything, the news has been corroborated by sources close to the company, including GameStop Development Manager Jeffrey Barnes, who tweeted out his condolences this morning.
As CEO, Raines guided the company through a shifting landscape where digital sales became increasingly more popular. As physical sales began to fall, Raines began to focus the company on trades. He was also instrumental in the development of GameStop's Power Pass program, which allows subscribers to rent pre-owned games and keep one at the end of each month. This program launched late last year, but was delayed due to internal issues.
Our hearts go out to Raines' family in this time of hardship. May you rest in peace.