GameStop’s board of directors has appointed George Sherman as chief executive officer and member of the board of directors, effective April 15, 2019.
Sherman succeeds Shane Kim, who has served as interim CEO since May 2018 and as a director since July 2011. Sherman will be the company’s fifth CEO to take the helm of the video game retailer since 2017. In January, GameStop also halted efforts aimed at a potential sale after failing to secure financing on “commercially acceptable” terms.
“We are very excited to welcome George to the GameStop team,” says Dan DeMatteo, GameStop’s executive chairman. “His extensive retail leadership at several top brands…positions him as the right choice to lead GameStop for the years ahead. 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.”
Most recently, Sherman served as CEO of Victra, the largest exclusive authorized retailer for Verizon Wireless products and services. Prior to his role at Victra, Sherman also served as president and interim CEO 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.
Sherman adds, “I am honored to have the opportunity to lead GameStop, one of the leading and most recognized brands in the video game industry. 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 world.”