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GameStop shares jump after CEO steps down, ‘Roaring Kitty’ raises stake

April 19, 2021


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.

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