Aug. 19 (Bloomberg) -- GameStop Corp., the largest specialty retailer of video games, said Chief Executive Officer Paul Raines underwent surgery to identify and remove a small cancerous tumor from his brain.
The tumor, located in “an easily accessible” part of the brain, was found early and doctors said his prospects to make a full recovery are good, the company said in a filing today. Raines, 50, will now undergo preventative chemotherapy. His rehabilitation is expected to last about six weeks, a period that will limit his ability to travel without interfering with his duties as CEO, GameStop said.
“Speaking for the board, we have every confidence in Paul’s continued leadership and wish him a speedy recovery,” Daniel DeMatteo, executive chairman at GameStop, said in the filing. “While he recovers, our highly-tenured executive team will ensure that our business continues without interruption.”
Raines has been CEO of Grapevine, Texas-based GameStop since June 2010, and previously served as chief operating officer. Prior to that, he was an executive at Home Depot Inc.
Matt Hodges, a spokesman for GameStop, declined to comment on Raines’s condition beyond today’s statement.
Diagnosis and Treatment
The National Cancer Institute estimates about 23,000 new cases of brain and other nervous system cancers will be detected in the U.S. this year. More than 14,000 people are estimated to die from it in 2014.
Brain cancers are categorized as high grade and rapidly growing, or low grade and slow growing, according to the Memorial Sloan Kettering Cancer Center. A low-grade tumor can become, or behave like, a life threatening illness.
Diagnosing brain tumors involves imaging, biopsy and molecular medicine techniques, Sloan Kettering said. Brain scans help doctors decipher whether the tumor has spread to functional areas of the brain, and how much of the tumor can be removed safely through surgery.
Since brain tumors are diverse, response to treatment is equally varied among patients, Sloan Kettering said. Surgery is the best treatment, and chemotherapy has been increasingly used in recent years after surgery and radiation.
There are more than 125 types of brain tumors officially recognized by the World Health Organization, Sloan Kettering said.
GameStop, which is scheduled to report second-quarter earnings on Aug. 21, rose 0.6 percent to $40.88 at the close in New York. The stock has declined 17 percent this year.
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