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Videogame retailer GameStop edges up after naming George Sherman CEO

Most recently Sherman served as CEO of Victra, the largest exclusive authorized retailer for Verizon Wireless products and services

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In January, the videogame retailer reportedly ended efforts to find a buyer

GameStop Corp (NYSE:GME) climbed in Friday's pre-market trading after announcing that its board appointed George Sherman as CEO effective April 15.

Sherman will succeed Shane Kim, who has served as interim CEO since May 2018 and as a director since July 2011. 

Shares of GameStop were up 0.5% to $10.60 in Friday's pre-market trading.

READ: GameStop stock on the rise thanks to $300 million buyback

Most recently Sherman served as CEO of Victra, the largest exclusive authorized retailer for Verizon Wireless products and services, according to GameStop. He has held leadership roles at companies including Advance Auto Parts Inc (NYSE:AAP), Best Buy Company Inc (NYSE:BBY) and Target Corp (NYSE:TGT).

In January, as The Wall Street Journal reported, the Grapevine, Texas, company ended plans to sell itself after being in talks with prospective buyers for several months.

“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,” Executive Chairman Dan DeMatteo said in a statement.

Advance Auto Parts role

Sherman served as president and interim CEO of Advance Auto Parts, where he was responsible for more than 4,000 stores, merchandising, marketing, information technology, the supply chain and commercial sales.

He served as an officer in the US Air Force.

“I am honored to have the opportunity to lead GameStop, one of the leading and most recognized brands in the videogame industry,” Sherman said.

Earlier this month, GameStop approved a $300 million buyback, buoying its shares.

–Updates share prices–

Contact Dennis Fitzgerald at [email protected]

Quick facts: GameStop

Price: $3.65

Market: NYSE
Market Cap: $373.28 m
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