GameStop Chief Executive Officer George Sherman announced on Monday that he is planning to step down from his post no later than July 31.
Sherman has been the CEO of the American gaming merchandise retailer for about two years.
In a statement, the company said that Sherman’s resignation would take effect on July 31 or earlier as soon as a successor is appointed.
In its annual report published in March, GameStop said that it has started “evaluating executive leadership team skill sets related to changing business requirements” and even hired a third-party firm to help in the assessment.
“The board’s Strategic Planning and Capital Allocation Committee is leading a search to identify Chief Executive Officer candidates with the capabilities and experience to help accelerate the next phase of the Company’s transformation,” the videogame retailer said in its statement.
Ryan Cohen, the incoming chairman of the board for GameStop, said that “he [Sherman] took many decisive steps to stabilize the business during challenging times. The Company is much stronger today than when he joined.”
Sherman commented on the company’s announcement, saying that it has been his honor to serve the company and “to lead so many dedicated, talented individuals, who collectively possess a tremendous passion for the gaming industry.”
“We have helped bring stability and strength to the business, including by de-densifying our store footprint, reducing costs and debt, and driving e-commerce growth,” he added.
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