"We recently conducted a thorough review of strategic and financial alternatives. We are at a critical time in GameStop's development, and with George & # 39; s hiring and his proven experience, we're ready to move on." Dan DeMatteo, GameStop's chairman, said in a statement.
Sherman, who officially starts on April 15, will also join the GameStop board. His annual base salary is $ 1.1 million and he receives a $ 150,000 deficit bonus. He is also entitled to an annual cash bonus of 1.5 times his basic salary.
As an induction, GameStop also grants him stock options and grants valued at $ 10.5 million.
Sherman said he brings "significant experience with retailers who have undergone great successful transformations" and look forward to leveraging GameStop's industrial position, history and brand. "
GameStop has about $ 9 billion in annual revenue already done extensive strategic work to identify and pursue new paths in play, he said. "I am looking forward to leading our contributors and believe we have a tremendous opportunity for us to continue spreading the passion of players around world video. "
A video game analyst expects GameStop to be" a primary recipient "of console upgrades coming in 2020 and 2021
Sherman's employment was announced after Thursday's market close. GameStop shares earned 5 cents to close at $ 10.55 a share Thursday.