GameStop Rises After Setting CEO’s July Departure in Revamp
- Board searching for replacement to ‘accelerate transformation’
- Activist investor Ryan Cohen is spearheading a turnaround
Photographer: John Smith/VIEWpress/Getty Images
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GameStop Corp. shares jumped after the retailer said Chief Executive Officer George Sherman will leave before the end of July, ending a tenure marked by a struggle to reverse declining sales and missed performance targets.
The company’s board is looking for a replacement to “accelerate the next phase of the company’s transformation,” Grapevine, Texas-based GameStop said in a statement Monday. Sherman has held the position since April 2019.