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Business GameStop names new CEO

GameStop names new CEO

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Grapevine-based video game retailer GameStop Corp. has named George Sherman as CEO and a member of the board, effective April 15, the company announced March 21.

Sherman succeeds Shane Kim, who has served as interim CEO since May 2018 and as a director since July 2011. Most recently, Sherman served as CEO of Victra, the largest exclusive authorized retailer for Verizon Wireless products and services.

“We are very excited to welcome George to the GameStop team. His extensive retail leadership at several top brands including Advance Auto Parts, Best Buy, Target Corporation and Home Depot positions him as the right choice to lead GameStop for the years ahead,” said Dan DeMatteo, GameStop’s executive chairman. “Having recently conducted a thorough review of strategic and financial alternatives, we are at a critical juncture in GameStop’s evolution and, with George’s hiring and his proven experience, we are ready to move forward. While the board recently announced the initial steps of our go-forward capital allocation and shareholder return program, we look forward to supporting George as we accelerate the next steps in that plan, which include several exciting initiatives that have been in development and have the potential to improve the financial performance and profitability of our company. As George and our talented team finalize the blueprint for GameStop, we will continue to leverage our leadership position in the video game industry to discover new ways to support our loyal customers, while attracting new customers and serving their entertainment needs.”

Like many retailers, GameStop has faced a tough sales environment. In May last year, its CEO, Michael Mauler, stepped down after three months, citing personal reasons. The company also received notice recently of a proxy fight with two large shareholders.

Sherman has also served as president and interim chief executive officer for Advance Auto Parts where he was responsible for more than 4,000 stores, merchandising, marketing, information technology, supply chain and commercial sales. As president of Best Buy Services, he led consumer services, small- and medium-business capabilities, channel partnerships and Best Buy for Business. Prior to Best Buy, Sherman ran the operations and home services divisions of Home Depot and spent 14 years with the Target Corporation in various leadership positions.

Sherman received his Master’s Degree from Central Michigan University and served as an Air Force officer for nearly seven years. He is an active community volunteer with veteran’s causes.

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