GameStop said Monday that Chief Executive Officer George Sherman would step down as it moves from a physical video game retailer to an e-commerce company.
Sherman will step down on July 31 or earlier following the appointment of a successor, the company said in a statement.
The board of directors is looking for candidates for the Chief Executive Officer.
The development, first reported by Reuters last week, is the biggest stir at GameStop since Ryan Cohen, the co-founder and former CEO of online pet food company Chewy, joined the company’s board in January.
GameStop is shifting its business from the brick-and-mortar retailer model to an e-commerce company that can compete with large-scale retailers such as Walmart, as well as technology companies such as Microsoft.