AGL 8.15 Decreased By ▼ -0.15 (-1.81%)
ANL 11.09 Increased By ▲ 0.14 (1.28%)
AVN 83.70 Increased By ▲ 4.00 (5.02%)
BOP 5.85 Increased By ▲ 0.10 (1.74%)
CNERGY 5.65 Increased By ▲ 0.01 (0.18%)
EFERT 80.22 Increased By ▲ 0.86 (1.08%)
EPCL 67.28 Decreased By ▼ -0.20 (-0.3%)
FCCL 15.20 Increased By ▲ 0.31 (2.08%)
FFL 7.23 Increased By ▲ 0.53 (7.91%)
FLYNG 8.06 Increased By ▲ 0.90 (12.57%)
GGGL 12.00 Increased By ▲ 0.40 (3.45%)
GGL 17.71 Increased By ▲ 0.20 (1.14%)
GTECH 8.78 Increased By ▲ 0.43 (5.15%)
HUMNL 7.23 Increased By ▲ 0.06 (0.84%)
KEL 3.74 Increased By ▲ 0.60 (19.11%)
LOTCHEM 32.10 Decreased By ▼ -3.10 (-8.81%)
MLCF 29.00 Increased By ▲ 0.65 (2.29%)
OGDC 86.05 Decreased By ▼ -1.65 (-1.88%)
PAEL 17.40 Increased By ▲ 0.77 (4.63%)
PIBTL 6.30 Increased By ▲ 0.25 (4.13%)
PRL 19.10 Decreased By ▼ -0.36 (-1.85%)
SILK 1.19 Increased By ▲ 0.05 (4.39%)
TELE 12.25 Increased By ▲ 0.84 (7.36%)
TPL 9.18 Decreased By ▼ -0.02 (-0.22%)
TPLP 20.70 Increased By ▲ 0.45 (2.22%)
TREET 26.95 Decreased By ▼ -0.15 (-0.55%)
TRG 97.75 Increased By ▲ 1.55 (1.61%)
UNITY 23.00 Increased By ▲ 2.15 (10.31%)
WAVES 14.10 Increased By ▲ 0.20 (1.44%)
WTL 1.31 Decreased By ▼ -0.03 (-2.24%)
BR100 4,389 Increased By 113.1 (2.65%)
BR30 16,099 Increased By 305.6 (1.94%)
KSE100 43,677 Increased By 804.8 (1.88%)
KSE30 16,532 Increased By 312.9 (1.93%)
Business & Finance

GameStop says CEO Sherman to resign; starts search for successor

  • The latest development comes as Ryan Cohen, co-founder and former chief executive of online pet food company Chewy Inc , tries to tighten his grip on GameStop after joining its board in January.
  • GameStop has been in the process of transforming itself into an e-commerce firm that can compete with large-scale retailers such as Walmart Inc, as well as technology companies Microsoft Corp and Sony Corp.
Published April 19, 2021

GameStop Corp's George Sherman will step down as chief executive officer in the biggest shakeup at the video game retailer as it tries to shed its brick-and-mortar image and embrace an e-commerce model.

The videogame retailer's shares, which were at the heart of a Reddit-driven trading frenzy, jumped 7% in premarket trade on Monday after the company said Sherman would resign on or before July 31 and that it had started looking for a successor.

Reuters had earlier reported that GameStop's board was working with an executive headhunter on the CEO search and that its directors had spoken to potential candidates from gaming, e-commerce and technology sectors.

The latest development comes as Ryan Cohen, co-founder and former chief executive of online pet food company Chewy Inc , tries to tighten his grip on GameStop after joining its board in January.

Former Chief Financial Officer Jim Bell and former Chief Customer Officer Frank Hamlin are among the senior executives who have left the company in recent weeks.

GameStop has been in the process of transforming itself into an e-commerce firm that can compete with large-scale retailers such as Walmart Inc, as well as technology companies Microsoft Corp and Sony Corp.

Separately, Bloomberg News reported that the man known as "Roaring Kitty" on social media, whose online posts helped spark January's trading frenzy in GameStop, exercised call options on the stock to acquire 50,000 more shares at a strike price of $12.

GameStop earlier this month also increased the value of new stock it may sell from $100 million to $1 billion, as it moves to capitalize on a surge in its shares from the retail trader-driven rally in January.

Comments

Comments are closed.