April 12, 2021
GameStop, the world’s largest video game retail chain that has seen its stock fluctuate wildly in recent months due to third-party speculation, is reportedly looking for a new CEO, and has hired an executive headhunter.
Reuters, citing sources, said the retail chain is looking to replace CEO George Sherman as it increasingly focuses on digital distribution. Sherman, who was named CEO two years ago, has a 25-year career in brick-and-mortar retail, with executive stints at Advance Auto Parts, Best Buy, Target and Home Depot.
GameStop recently named Ryan Cohen, founder of online pet store Chewy, as its chairman of the board. The move came after Cohen, who acquired about 10% of the company in 2020, had several associates named to the board in January.
Last month, GameStop hired two former Chewy executives, Andrea Wolfe and Tom Petersen, in addition to hiring former Amazon executive Elliott Wilke as chief growth officer.
Cohen is no ordinary executive. The 35-year-old is reportedly revered by individual stock traders for his outside-the-box thinking. In fact, it was Cohen who help jumpstart online community social media platform Reddit’s impassioned interest in GameStop and other stocks earlier this year. The enthusiasm, which pitted individual and day traders against hedge funds — the latter looking to short the stock — made headlines as GameStop’s price-per-share skyrocketed based little on the company’s performance. GameStop shares are up almost 4,000% from a year ago.