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GameStop CEO George Sherman to step down in July

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GameStop, the world’s largest Video Game retailer has been in the news for quite a while lately due to the sudden surge in their stock (GME) value earlier this year thanks to investors on Reddit who collectively rushed to buy their stocks, causing the value to soar up to 100% and above as a result.

The company recently announced that George Sherman, its current CEO will be stepping down on July 31, or perhaps even earlier if a suitable successor is found. Sherman has been with the company for two years, “GameStop appreciates the valuable leadership that George has provided throughout his tenure,” said Ryan Cohen, GameStop’s upcoming Chairman who was appointed earlier this January.

The news caused GME stocks to rise up by 6% to $164.37 this Monday. 

In a bid for long-term sustainability and to increase their current revenue stream, GameStop is currently in the process of branching out and transforming its business model into more e-commerce to compete with the likes of Walmart Inc and Microsoft Corp and has even started selling PC Hardware to cater to PC Gamers.

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