Shoppers wait for a GameStop store to open on at the Tysons Corner Center, in Tysons, Virginia, November 27, 2020.
Hannah McKay | Reuters
GameStop rallied Monday after the video game retailer announced its CEO succession plan as it tries to pivot to e-commerce following a historic short squeeze.
Shares of GameStop jumped more than 9% to around $169 in morning trading.
The company said CEO George Sherman will step down by July 31. It said the board is leading a search to identify CEO candidates who can accelerate the next phase of the company’s transformation.
While GameStop shares are well below the record highs of $483 reached in January, the stock is still up a whopping 804% for 2021. To…