GameStop announced Thursday that billionaire activist investor Ryan Cohen will assume the roles of chief executive, chairman, and president of the video game retailer, effective immediately, and will not be receiving a salary.
Following the announcement, GameStop’s shares fell by 1.8%. The board, with Cohen abstaining, unanimously voted to appoint him to these positions on Wednesday.
Cohen had previously served as executive chairman but will resign from that role to take on his new responsibilities, according to a securities filing.
Cohen will not “receive any compensation” for his new roles, as stated in the press release.
This development comes more than three months after GameStop dismissed CEO Matthew Furlong, appointed Cohen as executive chairman, and named Mark Robinson as the “principal executive officer” and general manager.
The company did not provide a reason for Furlong’s departure, which occurred shortly after GameStop reported its first quarterly profit in two years under his leadership.
In the interim, the company also saw the resignation of CFO Diana Saadeh-Jajeh.
With Cohen’s appointment, he will also take over the role of principal executive officer from Robinson. Robinson, who had previously served as general counsel and secretary, will now focus solely on those roles, according to a securities filing.
Cohen, known for founding the pet food retailer Chewy and for his influence in the meme stock market, acquired a stake in GameStop in 2020 and joined its board in 2021 during the peak of the meme stock craze.
As of late June, his firm RC Ventures was GameStop’s largest shareholder with a 12.09% stake, according to FactSet.
Since Cohen’s involvement, the company has seen limited signs of a turnaround, though there have been some improvements.
Earlier this month, GameStop reported its second-quarter financial results, showing a reduced loss compared to the previous year and a slight increase in revenue.
