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GameStop Corp. named Ryan Cohen as its new chief executive officer, and his appointment is taking effect immediately. The billionaire who founded Chewy, an e-commerce firm, has been promoted to the chief position in the company’s push for a turnaround.
Cohen holds a stake in GameStop, and he acquired this in 2020. The following year, he joined the video game and consumer electronics retailer board. Now, the company has not made big improvements since then, and in fact, in its second-quarter financial reports earlier this month, it posted just a smaller loss compared to the previous year and a slight revenue increase.
“GameStop Corp. today disclosed that its Board of Directors has elected Ryan Cohen as President and Chief Executive Officer, effective immediately,” the retailer stated in a short announcement. “Mr. Cohen will not receive compensation for serving as the Company’s President, Chief Executive Officer and Chairman.”
No Compensation for the New CEO
CNBC reported that GameStop said its new CEO will not be compensated for his work even if he now holds three roles in the company. The firm did not provide other information about this “no salary” agreement with Cohen.
His appointment comes over three months since former CEO Matthew Furlong was ousted. Cohen became the executive chairman after the company fired him.
Ryan Cohen to Take Big Steps to Revive GameStop
A few hours after his appointment, Cohen released a memo to employees outlining some steps he would take to revive GameStop and ensure it would survive. At one point, he told them that “extreme frugality” is needed for survival in the business.
“Our job is to make sure GameStop is here for decades to come,” part of his note to employees and executives, which CNBC has obtained. “Extreme frugality is required. Every expense at the company must be scrutinized under a microscope and all waste eliminated. The company has no use for delegators and money wasters. I expect everyone to treat company money like their own and lead by example.”
Photo by: Clay Banks/Unsplash
