Retail veteran George Sherman has been named GameStop CEO
Video game retailer GameStop has appointed George Sherman as its new CEO. The company has been searching for a replacement since May 2018, when it named former Microsoft vice president Shane Kim as interim CEO following the departure of Michael Mauler.
Sherman brings a wealth of experience to the table, having most recently served as the CEO of Victra, the largest exclusive authorized retailer for Verizon Wireless products and services. The incoming chief exec also held leadership positions at several other big-name retailers including Best Buy, Target, and Home Depot.
He joins Gamestop at an uncertain time, with the board of directors having halted plans to sell the company after months and months of discussion and buyer rumors.
The firm also recently sold its Spring Mobile business to raise cash for new initiatives within the games and collectibles market, and during its Q3 financials reported a $488.6 million loss despite strong software sales.
The GameStop board, however, feel Sherman is the right person to turn the company's fortunes around, and have backed their new CEO in the long-term.
"Having recently conducted a thorough review of strategic and financial alternatives, we are at a critical juncture in GameStop's evolution and, with George’s hiring and his proven experience, we are ready to move forward," said GameStop executive chairman, Dan DeMatteo.
"While the board recently announced the initial steps of our go-forward capital allocation and shareholder return program, we look forward to supporting George as we accelerate the next steps in that plan, which include several exciting initiatives that have been in development and have the potential to improve the financial performance and profitability of our company."