GameStop chairman and CEO R. Richard Fontaine will be assuming a new role as executive chairman, with COO Dan DeMatteo taking his place, the retailer announced Friday.

Sixty-six-year-old Fontaine, who has led the Grapevine, Tex.-based firm as chief exec since 1996, will now oversee international operations, acquisition opportunities and strategic development.

Dan DeMatteo, 60, has served as COO since 1996 and VP and COO since 2004.

The company said its board of directors approved the shuffle amidst "tremendous growth."

GameStop has experienced sharp growth over recent years, generating $7.1 billion (£3.9 billion) in sales in fiscal 2007, up from $5.3 billion in 2006.

There are over 5,500 GameStop stores worldwide, according to the company.

Joining the GameStop executive lineup as the new COO is J. Paul Raines, 44, former EVP of U.S. stores for Home Depot. He"ll officially start the position on September 7.