As GameStop’s (GME) stock continues to be a matter of much concern for a lot of investors, so too does the company’s fervent efforts to transition to a new era of business with a focus on e-commerce. Chewy co-founder and GameStop major shareholder and head of e-commerce Ryan Cohen is a noteworthy part of that shift as top-level management and executives have been swapped out in the transformation. However, it looks like Cohen will be taking on an even more prominent role in the company soon. GameStop has announced intention to name Ryan Cohen as Chairman of the Board of Directors this coming June.
GameStop announced its intention to install Ryan Cohen as Chairman of its Board of Directors in a press release on its investor relations site on April 8, 2021. According to the press release, Cohen’s new appointment is one of several major events that will happen during the company’s annual meeting of stockholders in June 2021. A number of board members, including Reggie Fils-Aime, are also expected to leave their positions on the Board at that time.
Following the announcement of Ryan Cohen as Chairman of GameStop’s Board of Directors, the stock showed some life, making a small jump ahead of pre-market hours. However, it dropped down a bit further into the day. The stock has been on a regular dip following GameStop’s announcement that it aims to sell up to 3.5 million additional shares of common stock in order to continue to fund its ongoing transformation. This was GameStop’s sole address of its current stock market volatility - a subject nearly altogether skipped in its recent fiscal year-end earnings report otherwise.
Nonetheless, Ryan Cohen has seemingly been a key player at the heart of much of GameStop’s current transformation and efforts to focus on e-commerce. It will be interesting to see what other changes come to the company as he takes on the Chairman title this coming June.
TJ Denzer posted a new article, Chewy co-founder Ryan Cohen to be named GameStop's (GME) Chairman of the Board
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