GameStop is planning to appoint the billionaire investor Ryan Cohen to the role of chairman, the retailer has announced. GameStop said it intends to elect Cohen to the position at GameStop’s annual stockholder meeting in June.
Cohen founded the pet food company Chewy and was one of GameStop’s single largest personal investors when, in 2020, he called for dramatic changes to GameStop’s business model to help turn the ship around. GameStop would later promote him to a board of directors position at GameStop, and now he’s becoming the overall chairman.
Cohen holds a 12.9% stake in GameStop through his RC Ventures company. He will succeed Kathy Vrabeck, the current GameStop chairperson who is not seeking reelection. Cohen is considered by many to be a central figure in GameStop’s Reddit stock price story that saw its share price surge dramatically.
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Source: Game Spot Mashup