Shane Kim, a former executive at Microsoft Xbox has been the interim CEO of GameStop since the departure of former CEO Michael Mauler in May last year. Mauler stayed at the company for more than 16 years before becoming the CEO. His departure comes after three months of service as head of the company.
The search has been ongoing since then. On Thursday, March 21, GameStop announced their new CEO – George Sherman. Sherman is a former CEO at Victra and has also served as an executive at Advance Auto Parts, Best Buy Services, Home Depot and Target.
GameStop Corp is a global video game and consumer electronics retailer. Sherman will be overseeing the change in brick and mortar business model as the company is currently struggling financially.
According to Dan DeMatteo, GameStop’s executive chairman, hiring Sherman is the right choice for them because of experience running a retail company. “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,” he said. “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,” he continued.
Sherman also acknowledged the major changes that the giant video game retailer will be dealing with. “I bring significant experience working with other retailers that have undergone large, successful transformations and look forward to leveraging GameStop’s industry position, history and brand. The team has already done extensive strategic work to identify and pursue new customer-centric opportunities that will further expand the culture of gaming in new and exciting ways. I look forward to leading our associates and believe that we have a tremendous opportunity in front of us to continue to fuel the passion of gamers around the worlds,” he said.
Sherman will start on April 15.