(C) Reuters. FILE PHOTO: A GameStop store is seen in the Jackson Heights neighborhood of New York City
(Reuters) – GameStop Corp (NYSE:GME) said on Monday Chief Executive Officer George Sherman would resign, as it pivots from a brick-and-mortar video game retailer to an e-commerce firm.
Sherman will be stepping down on July 31 or earlier upon the appointment of a successor, the company said in a statement.
Its board is searching to identify chief executive officer candidates.
The development, first reported by Reuters last week, is the biggest shakeup at GameStop since Ryan Cohen, the co-founder and former chief executive of online pet food company Chewy (NYSE:CHWY) Inc, joined the company’s board in January.
GameStop has been in the process of shifting its business away from the brick-and-mortar retailer model into an e-commerce business that can compete with large-scale retailers such as Walmart (NYSE:WMT) Inc, as well as technology companies Microsoft Corp (NASDAQ:MSFT) and 6758).
GameStop CEO George Sherman to resign
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