National Post (Latest Edition)
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.