GameStop said Nir Patel had stepped down from his role as the company’s chief operating officer, with immediate effect.

Grapevine, Texas-based GameStop and Patel have entered into a separation agreement that also entails a mutual release of claims, the video game retailer said in a regulatory filing.

Last month, the company cut an unspecified number of jobs to reduce costs and reported lower fourth-quarter revenue amid rising competition from e-commerce firms and weak consumer spending.

Recent cost-reduction measures also included an exit from its operations in Ireland, Switzerland and Austria.

GameStop was hailed as the pioneer of Wall Street’s so-called meme stocks. The stock’s price rose as much as 100 times over several months in 2021, largely on the sentiment of individual buyers connected through the Reddit community forum WallStreetBets.

• Reporting by Mehnaz Yasmin in Bengaluru; Editing by Maju Samuel, of Reuters.