GameStop CEO Is Stepping Down

Even more big changes are afoot for GameStop. The retailer announced on Monday that current CEO George Sherman is stepping down soon, and he stands to walk away from GameStop with more than $100 million.

He will step down from his post on July 31, 2021 or sooner if a replacement is found and appointed before then. The GameStop board of directors, whose new chair is none other than billionaire pet food executive Ryan Cohen, thanked Sherman for his "significant contributions" to the company since he became CEO back in April 2019.

GameStop is now looking for someone with the "right skills to meet changing business requirements" to lead GameStop into the future. The board of directors is now conducting a search, with the help of a third party, to find candidates who have the "capabilities and experience to help accelerate the next phase of [GameStop's] transformation."

"GameStop appreciates the valuable leadership that George has provided throughout his tenure. He took many decisive steps to stabilize the business during challenging times," Cohen said. "The company is much stronger today than when he joined. On a personal note, I also want to thank George for forming important partnerships with the new directors and executives who have joined GameStop in recent months."

Sherman said: "I am very proud of what we have accomplished at GameStop over the past two years, including during the difficult COVID-19 pandemic. It has been a privilege to lead so many dedicated, talented individuals, who collectively possess tremendous passion for the gaming industry. We have helped bring stability and strength to the business, including by de-densifying our store footprint, reducing costs and debt, and driving e-commerce growth. I also want to take this opportunity to thank our Board for all of its collaboration and support."

GameStop has been one of the most talked-about companies on Earth this year due in part to what happened with its stock price from the short-squeeze and other factors. GameStop's share price remains above $150 per share, which is up massively from about $5 less than a year ago. To accelerate its growth into the future, GameStop has a plan to generate hundreds of millions of dollars and improve its ecommerce opportunities.

Sherman, a retail veteran who previously worked at Best Buy, slashed his salary by 50% due to the COVID-19 pandemic to help the company ride out the storm.