GameStop Names New CEO

GameStop March 21 announced the appointment of George Sherman as CEO and member of the board of directors, effective April 15.

Sherman succeeds Shane Kim, who has served as interim CEO since May 2018 and as a director since July 2011.  Most recently, Sherman served as CEO of Victra, a retailer for Verizon Wireless products and services.

George Sherman

“[George’s] extensive retail leadership at several top brands, including Advance Auto Parts, Best Buy, Target and Home Depot positions him as the right choice to lead GameStop for the years ahead,” Dan DeMatteo, GameStop’s executive chairman, said in a statement.

DeMatteo said after a thorough review of strategic and financial alternatives, the nation’s largest video game retailer is at a critical juncture.

While the board recently announced the initial steps of capital allocation and shareholder return program, DeMatteo said senior management expects Sherman to accelerate the next steps in that plan.

“As George and our team finalize the blueprint for GameStop, we will continue to leverage our leadership position in the video game industry to discover new ways to support our loyal customers, while attracting new customers and serving their entertainment needs,” he said.

Sherman comes on board GameStop as the retail brand is in transition due to changing consumer habits surrounding video games – notably online gaming and subscription services.

Google just announced it is launching a cloud-based game platform that would enable gamers to play high-profile games on most connected devices with a proprietary control.

In January, GameStop’s board announced it was canceling efforts to sell the world’s largest video game retailer.The chain reported a 5% decline in global 2018 winter holiday revenue to $2.63 billion, compared to the nine-week holiday period ended Dec. 30, 2017.

 

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