The CEO of retail giant GameStop, George Sherman (pictured), is departing the company by July of this year.

In a notice to investors, the firm said that he will be stepping down on July 31st, 2021, or at an earlier point if someone is found to fill his shoes. This comes in the wake of reports that GameStop was on the hunt for a new chief executive officer, which broke last week. Sherman took on the CEO role back in April 2019. 

This news follows CFO Jim Bell stepping down in February, though it does appear that he is being forced out, while GameStop has also recently hired Amazon and Google vet Jenna Owens as its new COO.

“GameStop appreciates the valuable leadership that George has provided throughout his tenure," incoming chair of the board, Ryan Cohen, said.

"He took many decisive steps to stabilise the business during challenging times. The Company is much stronger today than when he joined. On a personal note, I also want to thank George for forming important partnerships with the new directors and executives who have joined GameStop in recent months.”

Sherman added: “I am very proud of what we have accomplished at GameStop over the past two years, including during the difficult COVID-19 pandemic. It has been a privilege to lead so many dedicated, talented individuals, who collectively possess tremendous passion for the gaming industry. We have helped bring stability and strength to the business, including by de-densifying our store footprint, reducing costs and debt, and driving e-commerce growth. I also want to take this opportunity to thank our Board for all of its collaboration and support.”