GameStop, the company at the centre of the WallStreetBets movement over the last few months, is looking for a new CEO after George Sherman confirmed he will step down on July 31, 2021.
Sherman will walk away with 1 million shares, worth over $100 million, and will leave sooner if a replacement is identified before the end of July.
GameStop's CEO Steps Down, Company Looking For Replacement
The company is working to find a new CEO with the "right skills to meet changing business requirements", with the board of directors leading the search alongside a third party.
GameStop is looking to find someone with the "capabilities and experience to help accelerate the next phase of its 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," chair of the board of directors Ryan 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 also released his own statement.
"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."