GAMESTOP RISES WITH NEWS OF END DATE FOR CEO

Gamestop Corp. shares jumped after the retailer said CEO George Sherman, pictured, will leave before the end of July, ending a tenure marked by a struggle to reverse declining sales and missed performance targets. The company’s board is looking for a replacement to “accelerate the next phase of the company’s transformation,” Grapevine, Texas-based Gamestop said in a statement Monday. Sherman has held the position since April 2019. The shares rose as much as 11 per cent in New York trading. The video-game retail chain has struggled to pull out of a sales slump as the industry makes more games available for download and customers increasingly order gear online. Activist investor Ryan Cohen, named the company’s next chairman, is spearheading a turnaround that will prioritize online sales.