GameStop Names Retail Veteran George Sherman as New CEO
GameStop, the world's largest video game retailer, has appointed George Sherman as its new CEO and board member, effective April 15. This comes after a period of leadership instability following the death of longtime CEO J. Paul Raines in 2018.
Sherman, a retail veteran, brings extensive experience to the role. He previously served as CEO of Victra, president and interim CEO for Advance Auto Parts, and held various leadership positions at Target and Best Buy Services. He replaces Shane Kim, who has stepped down as interim CEO since May 2018.
GameStop's recent holiday sales showed resilience in accessories, collectibles, and digital sales, which helped offset declines in pre-owned game sales and new video game hardware sales. This sales strength is a positive sign for the company's future under Sherman's leadership.
GameStop's past CEO before George Sherman was Matt Furlong. The company has struggled to maintain a chief executive since Raines' death. In 2018, GameStop explored selling the company but dropped the pursuit due to financing issues.
George Sherman's appointment as CEO signals a new chapter for GameStop. His retail experience and the company's recent sales strength indicate a potential turnaround. The sale of GameStop's Spring Mobile business in 2018 generated $735 million, which could also contribute to the company's financial stability.
