It’s no secret that as GameStop (GME) has continued its transformation, along with the reshuffling of executives and other high-end leadership, eyes have fallen heavily on current chief executive officer George Sherman. Sherman presided over a pretty dreary stretch of GameStop performance over the past couple years and it’s no secret that the company may have been looking for a replacement to fill his role. Well, now we have confirmation from the company itself. George Sherman will officially be resigning from his position of GameStop CEO by the end of July unless a successor is found sooner.
This announcement was made by GameStop itself via a press release on its investor relations website on April 19, 2021. According to the press release, George Sherman’s exit from the company will take place by July 31, 2021 at the latest unless a suitable replacement is found in the time between now and then. Reports were already floating about that GameStop was in the process of searching for a new CEO prior to this official announcement.
Incoming Chairman of the Board Ryan Cohen formally thanked Sherman for his contributions to the company alongside announcement of the upcoming resignation.
Despite these words of praise, it was also recently reported that Sherman was forced to forfeit over $98 million in stock option awards for underperformance during his tenure at the company. Sherman presided over a period in which GameStop stock dropped to under $4 a share before the focused efforts of groups like r/WallStreetBets made the price of the stock skyrocket - a situation which GameStop is capitalizing on by offering additional stock for purchase.
It’s unknown who GameStop will bring in to replace Sherman or if the company will be able to find his replacement by the end of July 2021. Nonetheless, stay tuned for further information and updates as the company searches for Sherman’s successor as GameStop CEO.