Billionaire activist investor Ryan Cohen has been announced as the new CEO of GameStop, the popular video game retailer. This decision caused the company’s shares to surge by almost 10% in premarket trading. Notably, Cohen will not receive any compensation for his role as CEO, president, and executive chairman. This move comes after GameStop fired their previous CEO, Matthew Furlong, and appointed Cohen as the executive chairman.
GameStop recently disclosed their second-quarter financial results, revealing a narrower loss compared to the previous year and a slight increase in revenue. The reason behind Furlong’s termination was not stated by the company at the time. The appointment of Cohen as the new CEO indicates a further transition in leadership at GameStop.
As this news is still developing, more updates are expected in the near future.