Game Group's chief exec goes as profits fall 27%

VIDEO games and consoles retailer Game Group today said its chief executive had stepped down as the firm unveiled a 27% fall in annual profits.

Lisa Morgan has left to pursue "other opportunities" after 14 years at the retailer and leading Game since 2006.

She will be replaced by board member and former Ladbrokes boss Chris Bell while a successor is sought.

Game reaped the rewards of a booming console market in 2008 with launches such as Nintendo’s Wii and hit games, but suffered last year in "difficult" conditions which saw the global console market fall by more than 20%.

The group said its 10% revenues slide outperformed the tough conditions but underlying pre-tax profits were down 27% to £90.4 million in the year to January 31.