On Thursday, GameStop has announced that Chewy is the co-founder Ryan Cohen will become its chairman following the company’s annual shareholder meeting that is scheduled for 9th June.
Moreover, the retailer’s share has jumped more than 3% in premarket trading, putting the stock on the track to snap a three-day losing streak. Further, the share has now given up some of its sky-high gains from a surge in late January, on the other hand, still over 870% this year and gives the company a market value of $12.8 billion.
Cohen made an investment in GameStop last year for pushing the video game retailer for focusing on online sales and shutter unprofitable stores in malls. His involvement with the company helped spark the stock’s wild ride earlier this year. Well, Cohen is the manager of the activist RC Ventures. Currently, Kathy Vrabeck is GameStop’s board chair.