GameStop CEO George Sherman to step down by end of July, stock jumps

Shares of GameStop Corp.
GME,
-1.12%

shot up 6.0% in premarket trading Monday, after the videogame retailer said Chief Executive George Sherman will step down no later than July 31, after two years in the role. He could step down earlier if a successor is appointed. The company said in its annual report filed in March that it was “evaluating executive leadership team skill sets related to changing business requirements,” and had hired a third-party firm to help in the evaluation. “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,” the company said in a statement. The so-called meme stock has soared 293.0% over the past three months, while the S&P 500
SPX,
0.36%

has climbed 10.2%.