GameStop Corp. Chief Executive Officer George Sherman will depart the company before the end of July, ending a tenure marked by a persistent slump and failed performance targets.
GameStop has become a favorite of Reddit-reading day traders this year, sending the stock soaring several-fold. But the video-game store chain has struggled to pull out of a slump.
GameStop missed both sales and profit estimates in its most recently reported quarter, despite getting a bump from new gaming consoles. Activist investor Ryan Cohen, recently named the company’s next chairman, is spearheading a turnaround at the retailer that will prioritize online commerce over physical retail.
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