Share is about to soar: CEO of Gamestop resigns

Share is about to soar
Gamestop’s CEO resigns

The ailing video game retailer Gamestop wants to change its business model in the future. This also has personnel consequences. Chief Executive Sherman will leave the company. On the trading floor, the message drives the share price up.

The US video game retailer Gamestop, known for its spectacular stock turmoil, has to look for a new CEO. Incumbent George Sherman will resign by the end of July at the latest, said the Texas company.

GameStop Corporation 137.45

Sherman has held the top position since April 2019. So far, however, his term of office has not been characterized by great success and he has been the subject of criticism for some time. The search for a new CEO is already underway. Gamestop recently announced in a strategy update that it wanted to say goodbye to the business model of a traditional retail chain for computer games. Instead, the company aims to become a tech company for online gamers. In line with this, in March, Gamestop had already hired Jenna Owens, a tech veteran, as the new board member for day-to-day business, who had already worked for the internet giants Google and Amazon.

Gamestop made headlines earlier this year with a speculative battle on the stock exchange. The company is actually in crisis, but driven by small investors organized on the Internet, the shares had rallied breathtakingly. That in turn broke hedge funds that bet on a price decline, huge losses. In January the stock hit a record high of over $ 483. Most recently it cost 155 dollars, which is still a price increase of 721 percent since the beginning of the year.

CEO Sherman’s departure gave the stock a decent boost. In New York, the courses have meanwhile increased by around six percent.


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