GameStop Names Ryan Cohen CEO, Won't Receive Salary
GameStop announced Thursday morning that billionaire activist investor Ryan Cohen would take over as the video game retailer’s chief executive, chairman and president effective immediately — and he won’t be collecting a salary. GameStop’s board, with Cohen abstaining, unanimously voted to appoint the entrepreneur as the retailer’s top executive on Wednesday. Cohen had previously held the title of executive chairman but will step down from the role upon his latest appointment, according to a securities filing. The move comes more than three months after GameStop fired CEO Matthew Furlong, made Cohen executive chairman, and appointed longtime company employee Mark Robinson as its “principal executive officer” and general manager.
Total Retail's Take: Cohen is the founder of pet food retailer Chewy.com, which has been a bright spot in the industry with surging sales and audience growth. He then bought a stake in GameStop in 2020 and joined the board in 2021, yet his inclusion hasn't brought about the turnaround the retailer was hoping for. GameStop has been challenged by the shift in the gaming market, specifically the growth of mobile gaming. The retailer hasn't adequately adapted its legacy brick-and-mortar business for the digital gaming space. Will Cohen be able to leverage the experience he has from building Chewy into an e-commerce leader in the pet food category into similar progress at GameStop? We're going to find out, as he's now in the top seat and making the decisions on GameStop's future.