GameStop (GME) announces George Sherman will be stepping down as CEO
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GameStop Corp. (NYSE: GME) announced that George Sherman will be stepping down as Chief Executive Officer on July 31, 2021, or earlier upon the appointment of a successor. The Board of Directors (the “Board”) thanks Mr. Sherman for his significant contributions since being appointed Chief Executive Officer in April 2019.
As disclosed in GameStop’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 23, 2021, the Board has been evaluating executive leadership to ensure the Company has the right skills to meet changing business requirements. The Company’s Form 10-K also noted that the Board has retained a third-party firm to support its efforts. 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.
Ryan Cohen, incoming Chairman of the Board, commented, “GameStop appreciates the valuable leadership that George has provided throughout his tenure. He took many decisive steps to stabilize the business during challenging times. The Company is much stronger today than when he joined. On a personal note, I also want to thank George for forming important partnerships with the new directors and executives who have joined GameStop in recent months.”
George Sherman, Chief Executive Officer, added, “I am very proud of what we have accomplished at GameStop over the past two years, including during the difficult COVID-19 pandemic. It has been a privilege to lead so many dedicated, talented individuals, who collectively possess 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. I also want to take this opportunity to thank our Board for all of its collaboration and support.”
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