GameStop CEO George Sherman will step down later this year

The company said Sherman will be stepping down on July 31, 2021, or sooner if a successor can be found. 

GameStop has announced that CEO George Sherman will be leaving the video game retailer later this year. 

In a brief press release, the company said Sherman will be stepping down on July 31, 2021, or sooner if a successor can be found.

Sherman was named CEO of GameStop in April 2019, but now it seems the board of directors is looking to make a leadership change to take the company in a new direction. 

"The [GameStop] Board has been evaluating executive leadership to ensure the Company has the right skills to meet changing business requirements," said the company in a statement.

"The Board’s Strategic Planning and Capital Allocation Committee is leading a search to identify CEO candidates with the capabilities and experience to help accelerate the next phase of the Company’s transformation."

The news comes just under a month after the GameStop board of directors witnessed a number of notable departures, including former Nintendo of America president Reggie Fils-Aime, that the company warned could prove disruptive.

It also follows the resignation of GameStop CFO and executive vice president Jim Bell in February, which itself came after GameStop became the target of a stock market war between short sellers and market savvy Reddit users.

GameStop's latest fiscal report showed the company had managed to successfully grow its e-commerce business, although it also reported a net loss of $215.3 million for 2020.

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