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: GameStop board on the hunt for a new CEO: report

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GameStop Corp. is looking for a new chief executive, just two years after hiring its current leader, Reuters reported Monday.

Citing three people familiar with the matter, Reuters reported GameStop’s
GME,
-10.91%

board of directors is working with an executive headhunter to bring in a new CEO as the company pivots its focus from brick-and-mortar retail to e-commerce.

The possible change comes after Chewy Inc.
CHWY,
-0.07%

co-founder and former CEO Ryan Cohen joined GameStop’s board in January, and has made moves to change the company’s direction. Cohen is set to become the company’s new chairman at its June 9 annual shareholders meeting.

Also read: ‘Optimism has huge risks’: Why new investors, excited by GameStop’s rollercoaster ride, should rethink their rose-colored glasses

GameStop’s current CEO, George Sherman, was hired in March 2019. Sherman is a retail-industry veteran, and previously served as CEO of Victra.

Despite a struggling retail business, GameStop shares have skyrocketed this year, fueled by at-times-frenzied trading by individual investors spurred on by Reddit comments and social-media posts. GameStop stock is up nearly 650% year to date, and 2,877% over the past 12 months, although it slid 10% Monday after an analyst downgrade.

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