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GameStop inventory increases after company says Ryan Cohen will be chairman

Pedestrians will pass the GameStop Store on 14th Avenue on Union Square in the Manhattan district of New York on Thursday, January 28, 2021.

John Minchiro | AP

GameStop Announced on Thursday Chewy Co-founder Ryan Cohen will become chairman following the company’s annual shareholders meeting scheduled for June 9.

Retailer stocks surged more than 4% in pre-market trading, putting stocks on track to record three consecutive days of losing streak. Equities have given up some of the highs since the surge in late January, but are still up more than 870% this year, bringing the company’s market value to $ 12.8 billion.

Cohen invested in GameStop last year to urge video game retailers to focus on online sales and close unprofitable stores in the mall. His involvement in the company helped stimulate a wild ride in stocks earlier this year.

Cohen is also the manager of RC Ventures, an activist investor.

Kathy Vrabeck is currently Chairman of the Board of Directors at GameStop.

This transition is part of the broader management turmoil that is taking place as GameStop is trying to turn its business around.

It has brought several executives since recently Amazon, Walmart, QVC and Chewy occupy the top spot. Chief Merchandising Officer Chris Homister submitted his resignation in late March. And in February, Chief Financial Officer Jim Bell announced his resignation because he was looking for a successor with an e-commerce background.

GameStop will be in securities filing Thursday with other new board candidates, Larry Cheng, the first investor in Chewy. Kraft Heinz..

He has also nominated current board members Alan Attal and CEO George Sherman.

GameStop inventory increases after company says Ryan Cohen will be chairman

Source link GameStop inventory increases after company says Ryan Cohen will be chairman

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