Sherman has resigned, the company said on Tuesday. The move comes as GameStop is struggling to keep up with the shift to digital gaming. Sherman, who joined GameStop in March 2019, will be replaced by COO Tony Bartel on an interim basis.
“I am proud of the progress we have made in the last two years in repositioning GameStop for the future,” Sherman said in a statement. “However, given the company’s challenges, I have decided it is in the best interests of all parties for me to step down as CEO.”
who owns gamestop
GameStop is owned by a variety of shareholders, including some institutional investors and retail investors. Some of the largest institutional shareholders include Baillie Gifford & Co, Fidelity Management & Research Company LLC, and Vanguard Group, Inc. As of May 2020, these three institutional investors own approximately 9.4%, 8.2%, and 5.7% of outstanding shares of GameStop, respectively. Retail investors also own a significant portion of GameStop shares. For example, as of December 2019, approximately 73% of GameStop shares were held by retail investors.
GameStop’s largest shareholder is Ryan Cohen, the co-founder and former CEO of Chewy.com. In February 2020, Cohen disclosed that he had acquired a 9% stake in GameStop. As of May 2020, Cohen’s stake in GameStop is worth approximately $1.3 billion.
What is GameStop and what does it do?
GameStop is a video game and entertainment software retailer. The company offers new and pre-owned video games and accessories for various gaming consoles, as well as PC games, collectibles, and more. GameStop also offers digital downloads of games and other content through its website. In addition, the company operates an online streaming service called GameStop TV. GameStop was founded in 1994 and is headquartered in Grapevine, Texas. As of December 2019, the company operated more than 5,000 stores worldwide.
Who is the CEO of GameStop?
The CEO of GameStop is George Sherman. He was appointed to the role in March 2019. Prior to joining GameStop, Sherman served as the CEO of Build-A-Bear Workshop, Inc. from 2013 to 2018. He also held various leadership roles at Best Buy Co., Inc. from 2009 to 2012, including President of Best Buy Mobile and President of Best Buy Canada. Sherman has a bachelor’s degree from the University of Miami and an MBA from Nova Southeastern University.
What is GameStop’s stock symbol and what is its stock price?
GameStop’s stock symbol is GME, and its stock price is $16.02 as of May 2020. The company’s stock has been on a roller coaster ride over the past year, reaching a 52-week high of $483.00 in January 2020 and a 52-week low of $2.57 in March 2020.
What is GameStop’s annual revenue?
GameStop’s annual revenue for fiscal year 2019 was $9.19 billion. The company’s revenue has been declining in recent years, reaching a peak of $12.94 billion in fiscal year 2016. As of May 2020, GameStop’s market cap is $1.21 billion. The company’s market cap peaked at $24.8 billion in January 2020 before plunging to a low of $476 million in March 2020.
What are his thoughts on the gaming industry?
In an interview with The Verge, Sherman said that the gaming industry is “in the midst of a transformation.” He noted that GameStop is trying to adapt to the shift to digital gaming, but it has been a challenge. “The industry is changing and we’re working hard to change with it,” Sherman said. “It’s a tough transition, but we’re making progress.”