GameStop says CEO Sherman to Resign

GameStop Says CEO George Sherman Resign Finding New Successor Stepping Down on July

Well, many of you might know about the GameStop Video game, which is a popular video game company in America. This Monday morning, that is, on 19th April 2021, the share price of Game stop Corporation showed a rise of 7% after it was announced that the chief executive officer of the company, Geroge Sherman will quit the post of CEO. The purpose is to opt for the E-commerce model and get rid of the Bricks and Mortar model. It has been reported that Sherman will resign on or before 31st July 2021 and GameStop is right now looking for a new person to fill up the position of CEO that will be vacant soon.

GameStop says CEO Sherman to Resign

As per the sources, it has been reported that the company is working with an executive headhunter for searching for the CEO. The company is looking for various candidates from different sectors including the e-commerce, gaming and technology sectors, that will match the criteria for the post of CEO. Meanwhile, the co-founder of Chewy Inc, Ryan Cohen is initially trying to toughen his hold on the GameStop company. Ryan joined the boards of GameStop in January 2020 and as mentioned, is the co-founder and was also the former chief executive of Chewy Inc, which comes under the e-commerce industry and is an online retailer of pet-related food products.

Before, Sherman, former Chief Customer Officer, Frank Hamlin and former CFO, Jim Bell also left their respective post in the past weeks. As previously discussed, with the changing demand and dynamics of the market, the company is entering into the E-commerce model that will allow them to reach wider customers globally and will help them in competing with other giant retail companies like, Microsoft, Walmart and others. With the news of Sherman resigning from the post of CEO, the share price of the companies stock jumped by 7%.

In January 2021, a very famous financial analyst of America, Keith Gill aka Roaring Kitty bought the call option on the Gamestop stocks and acquired 50000 additional shares at a strike price of $12. His $53000 investment turned into $50 million as a result of the increase in the stock value of Gamestop stocks and as of now his total investment in the Gamestop is worth more than $30 millions and as of now, he has 2,00,000 shares of the company. Meanwhile, at the beginning of this month, Gamestop has increased the stock value of its new shares and that may sell from $100 million to $1 billion.


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