GameStop Announces Chief Executive Officer Succession Plan
April 19 2021 - 6:00AM
GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today
announced that George Sherman will be stepping down as Chief
Executive Officer on July 31, 2021, or earlier upon the appointment
of a successor. The Board of Directors (the “Board”) thanks Mr.
Sherman for his significant contributions since being appointed
Chief Executive Officer in April 2019.
As disclosed in GameStop’s Annual Report on Form
10-K filed with the Securities and Exchange Commission on March 23,
2021, the Board has been evaluating executive leadership to ensure
the Company has the right skills to meet changing business
requirements. The Company’s Form 10-K also noted that the Board has
retained a third-party firm to support its efforts. The Board’s
Strategic Planning and Capital Allocation Committee is leading a
search to identify Chief Executive Officer candidates with the
capabilities and experience to help accelerate the next phase of
the Company’s transformation.
Ryan Cohen, incoming Chairman of the Board,
commented, “GameStop appreciates the valuable leadership that
George has provided throughout his tenure. He took many decisive
steps to stabilize the business during challenging times. The
Company is much stronger today than when he joined. On a personal
note, I also want to thank George for forming important
partnerships with the new directors and executives who have joined
GameStop in recent months.”
George Sherman, Chief Executive Officer, added,
“I am very proud of what we have accomplished at GameStop over the
past two years, including during the difficult COVID-19 pandemic.
It has been a privilege to lead so many dedicated, talented
individuals, who collectively possess tremendous passion for the
gaming industry. We have helped bring stability and strength to the
business, including by de-densifying our store footprint, reducing
costs and debt, and driving e-commerce growth. I also want to take
this opportunity to thank our Board for all of its collaboration
and support.”
About GameStop.
GameStop, a Fortune 500 company headquartered in
Grapevine, Texas, is a leading specialty retailer offering games
and entertainment products through its E-Commerce properties and
thousands of stores. Visit www.GameStop.com to explore our products
and offerings. Follow @GameStop and @GameStopCorp on Twitter and
find us on Facebook at www.facebook.com/GameStop.
Cautionary Statement Regarding
Forward-Looking Statements - Safe Harbor
This press release contains “forward looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements generally
include statements that are predictive in nature and depend
upon or refer to future events or conditions, and include words
such as “believes,” “plans,” “anticipates,” “projects,”
“estimates,” “expects,” “intends,” “strategy,” “future,”
“opportunity,” “may,” “will,” “should,” “could,” “potential,” or
similar expressions. Statements that are not historical facts are
forward-looking statements. Forward-looking statements are based on
current beliefs and assumptions that are subject to risks and
uncertainties. Forward-looking statements speak only as of the date
they are made, and the Company undertakes no obligation to update
any of them publicly in light of new information or future events.
Actual results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the SEC including, but not limited to, the
Company’s Annual Report on Form 10-K for the fiscal year ended
January 30, 2021, filed with the SEC on March 23, 2021. All
such filings are available at www.sec.gov and on the
Company’s website at www.GameStop.com.
Contact
GameStop Investor
Relations817-424-2001investorrelations@gamestop.com
GameStop Public RelationsJoey
Mooringjoeymooring@gamestop.com
or
ProfileGreg Marose / Charlotte
Kiaiegamestop@profileadvisors.com
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