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Billionaire Ryan Cohen takes over as CEO of GameStop

Nature

Billionaire Ryan Cohen, GameStop’s Largest Individual Investor, Takes Over at Video Game Retailer

ByThe Associated Press

September 28, 2023, 7:45 a.m.

FILE – In this image from video provided by the House Financial Services Committee, GameStop investor Keith Gill, also known on social media forums as Roaring Kitty, testifies during a virtual hearing on GameStop in Washington, February 18, 2021. The new film based on the GameStop stock market frenzy, “Dumb Money,” premieres at the Toronto International Film Festival. (House Financial Services Committee via AP, File)

The Associated Press

Billionaire Ryan Cohen, GameStop’s largest individual investor, is taking over as CEO of the video game retailer.

Cohen is already chairman of the board and the company’s largest individual investor. GameStop said in a statement that Cohen will not receive any compensation for his roles as chairman, CEO and president.

The CEO position at GameStop, which has become one of the best-known meme stocks for creating a frenzy among retail traders on Wall Street, has become a revolving door with the company trying to survive as technology disrupts the gaming industry.

In June, the company fired CEO Matthew Furlong, the former Amazon executive who was brought in two years ago to turn around the struggling video game retailer.

Shares of Gamestop Corp. rose 7% Thursday before the opening bell.

Cohen’s holding company, RC Ventures, is the largest investor in GameStop, owning about 12% of the stake. Cohen co-founded Chewy, the online pet supplies company, and had hoped to modernize GameStop, founded in 1984.

Cohen began acquiring large stakes in GameStop at a time when the company was being shaken by new technology. Gamers no longer needed GameStop because they downloaded games rather than buying digital discs.

The stock story of GameStop is so intriguing that a movie was created about it, called “Dumb Money.” The company’s shares took off two years ago after a group of investors with smaller pockets helped send its shares up 1,000% in two weeks.

Nature

ABC News

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