GameStop Names George Sherman Chief Executive Officer
March 21 2019 - 4:06PM
GameStop Corp. (NYSE: GME) today announced that
its Board of Directors has appointed George Sherman as chief
executive officer and member of the board of directors, effective
April 15, 2019. Mr. Sherman succeeds Shane Kim, who has served as
interim Chief Executive Officer since May 2018 and as a director
since July 2011. Most recently, Sherman served as chief
executive officer of Victra, the largest exclusive authorized
retailer for Verizon Wireless products and services.
“We are very excited to welcome George
to the GameStop team. His extensive retail
leadership at several top brands including Advance Auto Parts,
Best Buy, Target Corporation and Home Depot positions him
as the right choice to lead GameStop for the years ahead,”
said Dan DeMatteo, GameStop’s executive chairman. “Having recently
conducted a thorough review of strategic and financial
alternatives, we are at a critical juncture in GameStop’s evolution
and, with George’s hiring and his proven experience, we are ready
to move forward. While the board recently announced the initial
steps of our go-forward capital allocation and shareholder return
program, we look forward to supporting George as we accelerate the
next steps in that plan, which include several exciting initiatives
that have been in development and have the potential to improve the
financial performance and profitability of our company.
As George and our talented team finalize the blueprint for
GameStop, we will continue to leverage our leadership position in
the video game industry to discover new ways to support our loyal
customers, while attracting new customers and serving their
entertainment needs.”
Sherman added, “I am honored to have the
opportunity to lead GameStop, one of the leading and most
recognized brands in the video game industry. I bring
significant experience working with other retailers that have
undergone large, successful transformations and look forward to
leveraging GameStop’s industry position, history and brand. The
team has already done extensive strategic work to identify and
pursue new customer-centric opportunities that will further expand
the culture of gaming in new and exciting ways. I look forward to
leading our associates and believe that we have a tremendous
opportunity in front of us to continue to fuel the passion of
gamers around the world.”
In addition to being chief executive officer at
Victra, Mr. Sherman also served as president and interim chief
executive officer for Advance Auto Parts where he was responsible
for more than 4,000 stores, merchandising, marketing, information
technology, supply chain and commercial sales. As president of Best
Buy Services, he led consumer services, small- and medium-business
capabilities, channel partnerships and Best Buy for Business. Prior
to Best Buy, Sherman ran the operations and home services divisions
of Home Depot and spent 14 years with the Target Corporation in
various leadership positions.
Sherman received his Master’s Degree from
Central Michigan University and served as an Air Force officer for
nearly seven years. He is an active community volunteer with
veteran’s causes.
About GameStopGameStop Corp., a Fortune 500
company headquartered in Grapevine, Texas, is a global,
multichannel video game and consumer electronics retailer. GameStop
operates over 5,800 stores across 14 countries. The company's
consumer product network also includes www.gamestop.com; Game
Informer® magazine, the world's leading print and digital video
game publication; ThinkGeek, www.thinkgeek.com, the premier
retailer for the global geek community featuring exclusive and
unique video game and pop culture products; and Simply Mac, which
sells the full line of Apple products, including laptops, tablets,
and smartphones and offers Apple certified warranty and repair
services.
General information about GameStop Corp. can be
obtained at the company’s corporate website. Follow @GameStop and
@GameStopCorp on Twitter and find GameStop on Facebook at
www.facebook.com/GameStop.
Safe HarborThis press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are based
upon management’s current beliefs, views, estimates and
expectations, including as to the Company’s industry, business
strategy, goals and expectations concerning its market position,
future operations, margins, profitability, capital expenditures,
liquidity and capital resources and other financial and operating
information. Such statements include without limitation those about
the Company’s expectations for fiscal 2018 and 2019, future
financial and operating results, projections, expectations and
other statements that are not historical facts. All statements
regarding the Board’s review of strategic and financial
alternatives and expected costs and benefits, including whether
operating, strategic, financial and structural alternatives could
unlock value, are forward-looking statements. Forward-looking
statements are subject to significant risks and uncertainties and
actual developments, business decisions and results may differ
materially from those reflected or described in the forward-looking
statements. The following factors, among others, could cause
actual results to differ from those reflected or described in the
forward-looking statements: the uncertain impact, effects and
results of the board’s review of operating, strategic, financial
and structural alternatives and the planned redemption of the $350
million in unsecured notes; volatility in capital and credit
markets, including changes that reduce availability, and increase
costs, of capital and credit; our inability to obtain sufficient
quantities of product to meet consumer demand; the timing of
release and consumer demand for new and pre-owned products; our
ability to continue to expand, and successfully open and operate
new stores for our collectibles business; risks associated with
achievement of anticipated financial and operating results from
acquisitions; our ability to sustain and grow our console digital
video game sales; the impact of goodwill and intangible asset
impairments; cost reduction initiatives, including store closing
costs; risks related to changes in, and our continued retention of,
executive officers and other key personnel; changes in consumer
preferences and economic conditions; increased operating costs,
including wages; cyber security events and related costs; risks
associated with international operations; increased competition and
changing technology in the video game industry; changes in domestic
or foreign laws and regulations that reduce consumer demand for, or
increase prices of, our products or otherwise adversely affect our
business; our effective tax rate and the factors affecting our
effective tax rate, including changes in international, federal or
state tax, trade and other laws and regulations; the costs and
outcomes of legal proceedings and tax audits; our use of proceeds
from the sale of our Spring Mobile business; and unexpected changes
in the assumptions underlying our outlook for fiscal 2018 and
fiscal 2019. Additional factors that could cause our results to
differ materially from those reflected or described in the
forward-looking statements can be found in GameStop's Annual Report
on Form 10-K for the fiscal year ended February 3, 2018 filed with
the SEC and available at the SEC's Internet site at
http://www.sec.gov or http://investor.GameStop.com.
Forward-looking statements contained in this press release speak
only as of the date of this release. The Company undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or
otherwise, except as may be required by any applicable securities
laws.
Contact
GameStop Corp. Investor Relations
(817) 424-2001
investorrelations@gamestop.com
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