Billionaire Ryan Cohen, the largest individual investor in GameStop, is taking over as CEO at the video game retailer.
Cohen is already the board chairman and the company’s largest individual investor.
The CEO job at GameStop, which became one of the most well-known meme stocks to create a frenzy among retail traders on Wall Street, has become a rotating door with the company trying to survive as technology upends the gaming industry.
In June, the company fired CEO Matthew Furlong, the former Amazon executive who was brought in two years ago to turn the struggling video game retailer around.
Shares of Gamestop Corp. spiked 10% Thursday before the opening bell.
Cohen’s holding company RC Ventures is the biggest investor in GameStop, holding about a 12% stake. Cohen co-founded Chewy, the online pet supply company, and had hoped to modernize GameStop, founded in 1984.
Cohen began snapping up large stakes of GameStop at a time when the company was being buffeted by new technology. Gamers no longer needed GameStop because they were downloading games, rather than buying digital discs.
© 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Read the full article here
