GameStop has announced that George Sherman, its Chief Executive Officer, will resign as the company pivots from a brick-and-mortar video game retailer to an e-commerce company.
Sherman will step down on July 31 or as soon as a successor has been appointed. His resignation follows the resignation of the company’s Chief Financial Officer, Jim Bell, who announced that he would be leaving earlier this year.
Sherman stated that he is “very proud” of what has been accomplished at GameStop over the past two years.
Meanwhile, Keith Gill (also known as RoaringKitty in the online retail investor community WallStreetBets on Reddit) is reported to have exercised options that expired on Friday to purchase another 50,000 shares.
Gill was instrumental in the GameStop “short squeeze”, in which retail investors bid up the stock price up to $400 USD per share, ten times its previous all-time-high.
The resignation follows Ryan Cohen’s joining of the company’s in January. Since Cohen’s arrival, the company’s shares jumped from below $20 USD to $40 USD, before jumping up tenfold on the back of WallStreetBets short squeeze. GameStop has recently announced it would cash in on its popularity and sell $3.5 million shares through an “at-the-market” equity offering program.
Shares are trading up nearly $15, or 9.5% a share, at $169.50 in pre-market trading. Gamestop (GME) traded up $0.19 on Friday, closing the session at $154.69.
