Pedestrians pass by a GameStop store on 14th Street in Union Square on Thursday, January 28, 2021, in Manhattan, New York.
John Minchillo | AP
GameStop announced Thursday that Chewy co-founder Ryan Cohen will become its chairman following the company’s annual shareholders ’meeting, which is scheduled for June 9th.
The retailer’s shares jumped more than 4% in pre-market trading, putting the shares on track to achieve a three-day streak of losses. Shares have given up some of their maximum gains since the rise in late January, but continue to rise more than 870% this year, giving the company a market value of $ 12.8 billion.
Cohen invested in GameStop last year to encourage video game retailers to focus on online sales and open unprofitable stores in malls. His involvement with the company helped spark the savage onslaught of stocks earlier this year.
Cohen is also the manager of activist investor RC Ventures.
Kathy Vrabeck is currently the chair of the GameStop board.
The transition is part of a broader management landing that is taking place at GameStop as it tries to turn its business upside down.
He recently incorporated several executives from Amazon, Walmart, QVC and Chewy for the top positions. Merchandise chief Chris Homeister submitted his resignation from the business in late March. And in February, chief financial officer Jim Bell announced his resignation as the company seeks a successor with more experience in e-commerce.
GameStop said Thursday in a stock file that other candidates for the new board include Larry Cheng, Chewy’s first investor, and Yang Xu, Kraft Heinz’s executive.
He also appoints current board members Alan Attal and CEO George Sherman.