Shares of
GameStop (NYSE:GME) rose 6.3% Monday after the video game retailer announced its CEO succession plan.
So what
Current CEO George Sherman will step down on July 31, or potentially sooner if a new chief executive is found. GameStop said in its annual report on March 23 that its board of directors had initiated a search for a replacement for Sherman, one with the skills and experience to oversee its turnaround efforts.
GameStop's stock price climbed Monday as shareholders applauded the timeline for its CEO search. Image source: Getty Images.
Chewy founder Ryan Cohen took an approximate 13% stake in GameStop last year. He's slated to become GameStop's chairman following its shareholder meeting in June. Cohen has pushed to infuse GameStop's executive ranks with leaders who possess the technological expertise he believes the company needs if its new online strategy is to be successful. Sherman apparently didn't fit the bill.