GameStop chief executive to step down

GameStop, the US video game retailer at the centre of a share-dealing frenzy this year, said its chief executive would step down by August at the latest.

George Sherman, who has led the group for two years, will go on July 31, or earlier depending on when a successor is appointed, the Texas-based company said on Monday.

GameStop said in its annual report in March that it was evaluating its leadership, and has hired a company to help with its succession plans.

The planning and capital allocation committee is leading a search to identify candidates to take over from Sherman who can “help accelerate the next phase of the company’s transformation”, the statement said.

Sherman “took many decisive steps to stabilise the business during challenging times”, incoming chair Ryan Cohen said. “The company is much stronger today than when he joined.”

In January, the company was at the centre of a share-selling frenzy, led by US amateur investors, who bet on popular stocks such as GameStop and carmaker Tesla.