GameStop Names Ryan Cohen as CEO and Chairman
Billionaire Activist Investor Tightens Grip on Ailing Video Game Retailer
Cohen, the founder of Chewy and manager of RC Ventures, joined GameStop's board in January 2021.
GameStop Corp. on Thursday named billionaire activist investor Ryan Cohen as its chief executive officer and chairman, tightening the activist investor's grip on the ailing video game retailer.
Cohen, who has been a vocal critic of GameStop's management, has been pushing for changes at the company since he joined the board in January 2021. He has been a major advocate for the company to focus more on e-commerce and less on its brick-and-mortar stores.
GameStop's stock price has surged since Cohen joined the board, as investors have bet that he can turn the company around. However, the company has continued to struggle with declining sales and profits, and it is unclear whether Cohen will be able to reverse the company's fortunes.
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