GameStop Names Ryan Cohen as CEO, President, and Chairman
GameStop, the video game retailer known for its recent meme stock status, has appointed billionaire activist investor Ryan Cohen as its new CEO, chairman, and president, effective immediately. The company’s board unanimously voted for this change, with Cohen abstaining from the vote.
Cohen, who had previously served as the company’s executive chairman, will be stepping down from that role upon taking up his new positions. Notably, he will not receive any compensation for his work as the CEO and will be serving without a salary.
This leadership change follows the firing of GameStop’s previous CEO, Matthew Furlong, over three months ago. At that time, Cohen was appointed as executive chairman, and Mark Robinson was named the principal executive officer and general manager. No specific reason was given for Furlong’s dismissal, although it occurred after the company had reported its first quarterly profit in two years.
With his new role, Cohen will also assume the position of principal executive officer, replacing Robinson, who had previously taken on this role in June. Robinson will now return to his previous positions as general counsel and secretary.
Ryan Cohen first became associated with GameStop in 2020 when he purchased a stake in the company and later joined its board in 2021 during the peak of the meme stock phenomenon. As of June, his firm RC Ventures was GameStop’s largest shareholder with a 12.09% stake.
Despite Cohen’s involvement, GameStop has seen mixed financial results, although there have been some improvements. In its recent second-quarter financial report, the company posted a narrower loss compared to the previous year, along with a slight increase in revenue.
Cohen’s appointment as CEO signals his continued commitment to driving change and revitalization within the company. However, the challenges facing GameStop in the evolving retail landscape remain significant.