<p>The overhaul in the top ranks of GameStop continues with the announced departure of CEO George Sherman at the end of July. </p>
<p>Company shares rose more than 8% before the opening bell Monday. </p>
<p>Less than two weeks ago, the Grapevine, Texas, company announced the nomination of <a href="https://apnews.com/article/fa8807f60f48d8d6bd800b5fa0b46a55">Chewy </a> founder Ryan Cohen as chairman of the board, a major investor in the floundering video game retailer. </p>
<p>Cohen had been buying huge stakes in the company and pushing for a digital transformation. GameStop has suffered as more gamers turn to digital downloads rather than the discs the chain sells on its shelves. </p>
<p>Cohen was joined by two of his former colleagues on the board. </p>
<p>They’re arrival coincided with the meteoric January rise of GameStop’s shares in a bizarre market phenomenon that pitted smaller investors who banded online against major, institutional investors who had been shorting the stock, or betting it would fall below the $20 price level in January. </p>
<p>Shares of Gamestop Corp. now cost around $170, up 720% this year. At the end of a <a href="https://apnews.com/article/gamestop-stocks-reddit-surge-039aa5ad00f4b22b4d48a5e5492c4bb5">flurry of trading</a> in January, the shares were close to $500 each. </p>
<p>Last month in a regulatory filing, GameStop said that it had and hired an executive headhunter as it evaluated company leadership and that its directors had spoken to potential candidates from gaming, e-commerce and technology sectors.</p>
<p>Earlier this month, GameStop said that it would <a href="https://apnews.com/article/business-video-games-games-fae4fbae46ed05c8c4c06223db525fa5">sell </a> up to 3.5 million of its shares. The shares will be sold through an “at-the-market” offering, which allows companies to place their stock on the market over a period of time.</p>
