GameStop intends to elect Ryan Cohen as chairman

FAN Editor

GameStop Corp. plans to elect activist investor Ryan Cohen as board chairman, the company said Thursday.

Cohen, who is the co-founder of online pet supply retailer Chewy, joined GameStop’s board in January and has been instrumental in leading a shift in the video-game retailer’s business model to one based on e-commerce and fast shipping. 

Shares of the Grapevine, Texas-based company climbed more than 4% on the news before paring their gains. 

Ticker Security Last Change Change %
GME GAMESTOP 176.38 -1.86 -1.04%

The company announced a total of six individuals who will stand for election at its June 9 annual shareholder meeting. 

That list includes Larry Cheng, managing partner of investment firm Volition Capital, who was the first investor in Chewy, and Yang Xu, a vice president at The Kraft Heinz Company. 

GameStop last week announced it would sell up to 3.5 million shares in order to accelerate its e-commerce shift and to strengthen its balance sheet. The share-sale would raise about $700 million at current levels.

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Shares were up 845% this year through Wednesday. 

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