GameStop Chief Executive Officer George Sherman will be stepping down from his position on or before July 31 this year. Sherman can leave the company if the successor is appointed before this date. The company has provided information in this regard in its ‘Chief Executive Officer Succession Plan.’ The Board of Directors expressed gratitude towards Sherman for his significant contribution as the top executive of the company. Sherman has been the CEO of GameStop since April 2019. The company had already hinted about changes in its Annual Report filed with the Securities and Exchange Commission filed last month.
The board of the company in the filing had said that it is evaluating executive leadership in order to make sure that GameStop has the right skills the meet all challenges because of changing business requirements. The Annual Report on Form 10-K even said that the company has retained a third-party firm to support the move. The search for a new chief executive officer of the company is being done by the Board’s Strategic Planning and Capital Allocation Committee. GameStop is looking for someone with the required experience who is capable of taking the company to next level.
Incoming Chairman of the Board Ryan Cohen praised George for providing valuable leadership to the company during this tenure. “He took important decisions to bring stability to the business. These decisions were taken during challenging times. The company has emerged much stronger under his leadership. I personally want to thank him for forming important partnerships with new executives and directors of the company,” Cohen said. Commenting on this, George Sherman said that he is proud of what they accomplished at GameStop. “We faced the tough times like Covid pandemic. It’s a great experience to lead such talented and dedicated colleagues. They all have a tremendous passion for the gaming industry. We took several measures to bring stability and strength to the business. I would also like to thank the Board for all the support,” Sherman said.