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GameStop CEO George Sherman announced that he will leave office on July 31. Following the resignation, Ryan Cohen’s control over the company is expected to increase and the e-commerce transformation is expected to accelerate.

GameStop, a US computer and console games retailer, announced that current CEO George Sherman will resign soon.

Sherman, who previously worked at Best Buy, had reduced his salary by 50 percent due to the Covid-19 outbreak to help the company recover from the difficult process.

Shares of the company, which is at the center of a Reddit-sourced trading frenzy, soared 9 percent on Monday after GameStop announced that Sherman would resign on or before July 31 and began looking for a successor.

Reuters previously reported that the GameStop board of directors is meeting with potential candidates from the gaming, e-commerce and technology industries to search for CEOs.

GameStop’s former CFO Jim Bell and former client manager Frank Hamlin are also among the top executives who have left the company in recent weeks.

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