GameStop Corp is looking for a new chief executive (CEO) to replace George Sherman, as the company is now considering converting its video game retail physical store to an e-commerce firm. Three people related to the case have given this information. This will be the biggest change since Ryan Cohen, co-founder and former CEO of online pet food company Chewy Inc., joined GameStop’s board in January.
According to NDTV, people with knowledge of Ryan’s work in the company said that they have started working on changes in the company’s strategy and strategy. GameStop shares were so well liked by investors that its stock climbed nearly 4,000% in a year. Company sources said on condition of anonymity that GameStop’s board executive is looking for the CEO.
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Sources said that many GameStop board directors have been involved in the search and have spoken with potential candidates in the gaming industry as well as the e-commerce and technical sectors. However, a GameStop spokesperson declined to comment.
Shares of GameStop traded down 11% at $ 141.04 on Monday, giving the company a market value of nearly $ 10 billion. The company’s shares reached a record high at $ 483 in January.
Former Chief Financial Officer Jim Bell and Chief Customer Officer Frank Hamlin are among the senior executives who have left the company in recent weeks. Sherman, who has been CEO since April 2019, has been credited with reducing the company’s expenses during the Covid-19 epidemic, which led many retailers to go out of business.
Cohen, who was made chairman of GameStop’s board last week, is seeking to make the company the online platform of choice for video game fans. He made several changes to GameStop, including Elliott Wilke as Chief Development Officer, Jenna Owens as Chief Operating Officer, and Matt Francis as Chief Technology Officer. All three previously worked at Amazon.com.
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