Infamous video game retailer GameStop is reportedly in search of a new CEO following plans to transition the company from a brick and mortar retailer to an ecommerce platform like Amazon. The news comes after a rough few years for GameStop, which saw hundreds of store closures, big financial losses, and much more. The company is now doing everything it can to reinvent itself entirely, starting from the top.
Over the last year, Chewy.com founder Ryan Cohen has been seen as a potential savior for the failing retailer. The massive run-up on GameStop’s stocks was partially inspired by enthusiasm in Cohen joining the board, as many thought he could really turn the company around. This wasn’t just false confidence based on someone’s resume like it was for Reggie Fils-Aimé; Cohen had a plan and it seems as if it’s actually being executed following the resignations of almost the entire board and key executives and Cohen becoming the chairman.
GameStop CEO George Sherman has only been with the company since early 2019, and he helped the company survive during the pandemic. But as the world returns to a state of some normalcy and GameStop plans to change its entire business model, it’ll need someone new. As GameStop still rides its high stock value, Reuters is reporting that the company is searching for its next CEO with help from the board. They have spoken with several candidates from the gaming industry as well as from the ecommerce and tech industry.
It’s unclear if the company has a deadline in mind for its new CEO or if it will just wait until it has found the best candidate. Either way, GameStop is acting incredibly aggressive with regards to its future. On top of the search for its new CEO, Cohen has already introduced a number of ex-Amazon and Chewy executives to the company which will help tremendously in its efforts to expand.
GameStop also has plans to sell some shares of its own stock in order to help finance its plans. There’s really no telling how well this will pan out for the company, but with all of the new and experienced talent joining it, along with its aggressive plans to seek out a fitting CEO, its clear Cohen is acting quickly, efficiently, and with plenty of intent. Hopefully, if it all goes according to plan, GameStop could continue to be one of, if not the biggest gaming marketplace out there.
