GameStop CEO George Sherman to step down by end of July

The video game retailer is looking for a new chief executive.

Carrie Mihalcik Former Managing Editor / News
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Carrie Mihalcik
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GameStop store on 6th Avenue in New York

GameStop store on 6th Avenue in New York.

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GameStop on Monday announced that CEO George Sherman will be stepping down by July 31. The change comes after the retailer earlier this year found itself in the center of a social media-fueled Wall Street battle over GameStop's share value. 

GameStop shares soared 2,700% in a span of just weeks as investors on Reddit bet against Wall Street traders who'd wagered the video game retailer would fail. As a result, the stock went from $17.25 per share at the beginning of the year up to as high as $483. That day it hit its peak, it also fell to a low of $112.25. The wild swings in its value caught the attention of regulators and lawmakers, who vowed to launch investigations into whether anyone had engaged in stock price manipulation.

Last month, GameStop shuffled its leadership as part of a new e-commerce strategy, with Chewy.com founder Ryan Cohen heading up that effort. Cohen, who joined the GameStop board in January, is leading a committee that aims to transform the company into a "technology business."

"GameStop appreciates the valuable leadership that George has provided throughout his tenure. He took many decisive steps to stabilize the business during challenging times,"Cohen said in a release on Monday. "The Company is much stronger today than when he joined."

Sherman has been CEO of GameStop since April 2019. GameStop on Monday pointed to its annual report in March, where it noted it was working with a third-party firm to evaluate executive leadership. The retailer is reportedly looking at CEO candidates from technology and video game industries