Inside a continuing leadership shakeup, GameStop's CEO will step down.
With the announcement of CEO George Sherman's retirement at the end of July, GameStop's top management begins to change.
Before the opening bell on Monday, the company's stock had risen by more than 8%.
Chewy founder Ryan Cohen, a major investor in the floundering video game retailer, was appointed chairman of the board of the Grapevine, Texas-based business less than two weeks ago.
Cohen was replaced on the commission by two of his previous colleagues.
Their arrival coincided with GameStop's stock's meteoric January rise, in a strange market phenomenon that pitted small investors who banded together online against big, institutional investors who had been shorting the stock, betting it would sink below the $20 price threshold in January.
The GameStop stock saga may be over, but its effect on Wall Street is far from over.
During a congressional hearing, the CEO of Robinhood admitted that the company made "mistakes" during the GameStop trading frenzy.
Gamestop Corp.'s stock is now worth around $170, up 720 percent this year. The shares
In a regulatory filing last month, GameStop said it had recruited an executive headhunter to determine company leadership and that its board of directors had spoken to potential applicants from the gaming, e-commerce, and technology sectors.
GameStop announced earlier this month that it will sell up to 3.5 million shares. The shares will be sold in a "at-the-market" auction, which enables businesses to sell their stock on the open market for a set period of time.
were close to $500 each at the end of a whirlwind of trading in January.