GameStop Corp. has appointed billionaire Ryan Cohen its new chief executive officer, filling a leadership void at the video games retail chain.
Its shares rose about 5% in pre-market trading. Cohen, already chairman, takes up the post immediately and will work without compensation. In June, GameStop ousted then-CEO Matt Furlong and elevated Cohen to chairman.
Cohen, founder of online pet food retailer Chewy, acquired a stake in the company in 2020 and has overseen a number of executive shakeups.Grapevine-based GameStop named Cohen as the company’s chairman in June after a series of corporate departures including Furlong and the resignation of chief financial officer Diana Saadeh-Jajeh.
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