Ryan Cohen is the new CEO, Chairman, and President of GameStop

On Thursday, GameStop, the video game retailer, announced that billionaire activist investor Ryan Cohen has assumed the positions of Chief Executive, Chairman, and President, effective immediately. It’s worth noting that he will not be receiving a salary for his role. Following this decision, GameStop’s stock fell by 1.8%.

On Wednesday, GameStop’s board, with Cohen abstaining from voting, unanimously approved his appointment as the company’s top executive. While Cohen previously held the title of Executive Chairman, he will relinquish this role upon his new appointment, as stated in a securities filing. Notably, Cohen has voluntarily chosen not to receive any compensation for his work in these leadership roles.

This move comes more than three months after GameStop removed CEO Matthew Furlong from his position. At that time, Cohen was appointed Executive Chairman, and Mark Robinson, a long-time employee of the company, became the “Principal Executive Officer” and General Manager. GameStop did not provide a specific reason for Furlong’s departure, but it occurred shortly after the company reported its first quarterly profit in two years under his leadership. Additionally, the company later announced the resignation of CFO Diana Saadeh-Jajeh.

In this latest development, Cohen will also take on the role of Principal Executive Officer, assuming responsibilities from Robinson. Previously, Cohen had served as General Counsel and Secretary and had added the role of Principal Executive Officer to his list of duties in June. With this change, he will return to his previous roles as General Counsel and Secretary, as detailed in a securities filing.

Ryan Cohen, known for founding the pet food retailer Chewy and his involvement in meme stocks, acquired a stake in GameStop in 2020 and joined the board in 2021, during the peak of the meme stock phenomenon.

While Cohen has been associated with GameStop, the company’s financial performance has seen limited signs of a complete turnaround despite some exceptions. Earlier this month, GameStop reported its second-quarter financial results, which showed a narrower loss compared to the previous year, along with a slight increase in revenue.

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