GameStop said Monday that CEO George Sherman would resign as he pivots from a brick-and-mortar video game retailer to an e-commerce company.
Sherman will step down on July 31 or sooner with the appointment of a successor, the company said in a statement.
Its board seeks to identify CEO candidates.
The development, first reported by Reuters last week, is GameStop’s biggest shake-up since Ryan Cohen, co-founder and former CEO of online pet food company Chewy, joined the company’s board. in January.
GameStop has been in the process of moving its business away from the brick-and-mortar retail model to an e-commerce business that can compete with large-scale retailers like Walmart, as well as technology companies like Microsoft.