GameStop on Thursday named billionaire Ryan Cohen as its CEO and chairman on Thursday, tightening the activist investor's grip on the ailing brick-and-mortar videogame retailer that he intends to turn around.
on Thursday named billionaire Ryan Cohen as its CEO and chairman on Thursday, tightening the activist investor's grip on the ailing brick-and-mortar videogame retailer that he intends to turn around.
Cohen is GameStop's largest investor and has been on the board for more than two years. He became executive chairman in June after formerGamestop said he will relinquish that title and will not receive any compensation for his new roles. The billionaire had initially tried to steer GameStop aggressively toward a more online-focused model as the chain, dependent on physical stores, looked to revive its business.
The company's quarterly earnings earlier this month showed some signs that the strategy was working as strong demand for videogames, collectibles and consoles helped GameStop post a smaller-than-expected loss and revenue that beat estimates.
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