GameStop CEO George Sherman to exit as video game retailer pivots to digital

The overhaul in the top ranks of GameStop continues with the announced departure of CEO George Sherman at the end of July.

Less than two weeks ago, the Grapevine, Texas, company announced the nomination of Chewy founder Ryan Cohen as chairman of the board, a major investor in the floundering video game retailer. GameStop shares rose more than 7% in morning trade to $166.05. Cohen had been buying huge stakes in the company and pushing for a digital transformation. GameStop has suffered as more gamers turn to digital downloads rather than the discs the chain sells on its shelves.