GameStop names Ryan Cohen as new CEO
The Chewy founder takes the reigns months after the games retailer terminated its last chief executive officer
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Video games retailer GameStop has announced that its board elected Ryan Cohen as its new president and CEO.
The company added that he will not receive compensation for his new position; the announcement did not provide details as to why.
Cohen, meanwhile, joined the board of directors in January 2021, having previously taken a stake in GameStop in 2020.
As CNBC reported, his appointment triggered the short squeeze on GameStop's stock, leading to a record-high share price.
Among his actions at the firm, he led the decision for GameStop to roll back its crypto push, as the firm said it would be ending its support of cryptocurrency wallets. The move came a year after the company unveiled its NFT marketplace.
Cohen's professional history includes founding and operating pet store retailer Chewy as its CEO since 2011. He is also an activist investor.
He steps into the role weeks after the games firm reported that net sales were up 2% for its second quarter.
Prior to the new appointment, the company terminated CEO Matt Furlong in June and CFO Diana Saadeh-Jajeh announced her resignation the next month, with the company only naming an interim principal financial officer in her stead.