GameStop's George Sherman will step down as CEO in the biggest shakeup at the video game retailer, giving top shareholder Ryan Cohen more control as he leads the company's shift to e-commerce.
GameStop also said Sherman had refused to receive compensation for his role as a director, both before and after separation date, and had agreed to cancel his 2020 performance-vested restricted stock award. Sherman's move to step down comes as Ryan Cohen, co-founder and former CEO of online pet food company Chewy Inc, tightens his grip on GameStop after taking over as chairman earlier this month. Cohen's RC Ventures owns nearly 13 per cent of GameStop, according to Refinitiv data.GameStop's former CFO, Jim Bell, and former chief customer officer, Frank Hamlin, are among the senior executives who have left the company in recent weeks.
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