GameStop CEO to Exit by End of July Ahead of Overhaul

GameStop CEO to Exit by End of July Ahead of Overhaul

GameStop Corp. Chief Executive Officer George Sherman will depart the company before the end of July, ending a tenure marked by a persistent slump and failed performance targets.

GameStop has become a favorite of Reddit-reading day traders this year, sending the stock soaring several-fold. But the video-game store chain has struggled to pull out of a slump.

GameStop missed both sales and profit estimates in its most recently reported quarter, despite getting a bump from new gaming consoles. Activist investor Ryan Cohen, recently named the company’s next chairman, is spearheading a turnaround at the retailer that will prioritize online commerce over physical retail.

© Copyright 2021 Bloomberg News. All rights reserved.