- Ryan Cohen, CEO of GameStop, is now CEO of the company.
- The move comes more than three months after GameStop fired then-CEO Matthew Furlong.
- GameStop shares jumped after the announcement.
GameStop Chairman Ryan Cohen.
Source: CNBC
Billionaire activist investor Ryan Cohen will take over as CEO of the video game retailer, GameStop said Thursday morning.
The company’s shares jumped nearly 10% in pre-market trading after the announcement. GameStop was part of the meme stock craze of 2020 and 2021.
GameStop said Cohen will not receive any compensation for his work as CEO, president and executive chairman of the company.
The move comes more than three months after GameStop fired CEO Matthew Furlong while appointing Cohen as CEO. GameStop did not give a reason for the expulsion at the time.
Cohen, who founded Chewy and became known as the “king” of meme stocks, bought a stake in GameStop in 2020 and joined the board in 2021 — at the height of the meme phenomenon.
Since then, the company has not shown many signs of transformation, albeit with some exceptions. Earlier this month, GameStop made the announcement Financial results for the second quarterrecording a smaller loss than a year ago, in addition to a slight increase in revenue.
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