GameStop rallied on Monday after the brick-and-mortar video game retailer announced its succession plan as it seeks to pivot to e-commerce following a historic Reddit-fueled short squeeze earlier this year.
Shares of GameStop jumped more than 8% to around $167 in morning trading Monday.
The company said Monday Chief Executive Officer George Sherman will be stepping down on July 31 or earlier upon the appointment of a successor. The board is leading a search to identify CEO candidates with the capabilities and experience to help accelerate the next phase of the company’s transformation, GameStop said in a statement.
