Billionaire Ryan Cohen, GameStop’s Largest Individual Investor, Takes Over at Video Game Retailer
ByThe Associated Press
September 28, 2023, 7:45 a.m.
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.