Jeff Roberson/AP
- George Sherman is leaving GameStop after two years as CEO, it announced Monday.
- This comes amid a major shakeup of the company after activist investor Ryan Cohen joined its board.
- Sherman said he was proud of GameStop's achievements and thanked the company's board.
- See more stories on Insider's business page.
George Sherman is stepping down as GameStop CEO this summer, the video-games retailer announced Monday.
GameStop said Sherman would leave the role on July 31, or earlier if it appoints his successor before then.
Activist investor Ryan Cohen joined the company's board in January, leading to a major executive shakeup at the ailing retailer, Insider's Ben Gilbert reported.
Since Cohen got involved, every GameStop executive bar Sherman has left.
Jim Bell, the company's CFO, left in February. Sources told Insider that he was pushed to resign by the company's board.
CCO Frank Hamlin resigned in March.
In a statement, Cohen praised Sherman's "valuable leadership" during his two years as CEO and said that he "took many decisive steps to stabilize the business during challenging times."
He also thanked Sherman for forming "important partnerships" with the company's new directors and executives.
Sherman said he was proud of GameStop's achievements, including driving e-commerce growth and reducing costs and debt. He thanked the company's board and added that it was a "privilege to lead so many dedicated, talented individuals."
Sherman joined the company as CEO in April 2019 after working in leadership roles for retail brands including Advance Auto Parts, Best Buy, Target, and Home Depot.
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