#GameStop reportedly initiates search for new CEO

GameStop is looking for a new chief executive to replace George Sherman as it pivots from being a brick-and-mortar video game retailer to an e-commerce firm, three people familiar with the matter said on Monday.

It would be the biggest shakeup at GameStop since Ryan Cohen, the co-founder and former chief executive of online pet food company Chewy, joined its board in January.

GameStop’s board is working with an executive headhunter on the CEO search, the sources said, requesting anonymity because the matter is confidential.

A GameStop spokesman declined to comment.

Shares of GameStop were recently down 10 percent in afternoon trading.

Last week, GameStop announced plans to make a Cohen its chairman, a move that drew praise from Reddit traders. 

Last month, the Dallas-based retailer made three new hires including a former Amazon executive. The hirings followed the resignation GameStop’s chief customer officer, Frank Hamlin.