GameStop announced Thursday that it was naming Chairman Ryan Cohen as chief executive officer, effective immediately.
The company's board of directors elected Cohen, the company's largest investor, as president and CEO and said he will not receive compensation for serving as the company president, chief executive and chairman.
Former CEO Matt Furlong was fired in June.
"Mr. Cohen will assume the role of principal executive officer from Mark H. Robinson effective immediately and his responsibilities will include the oversight of all other executive officers, including Mr. Robinson," GameStop said in an SEC filing. "Mr. Robinson will remain the company’s general counsel and secretary, with responsibilities including administrative matters, corporate development, and legal affairs."
A GameStop video game store entrance façade at a strip mall in San Jose, California. (iStock / iStock)
Before joining the GameStop board of directors as chairman in 2021, the Canadian entrepreneur founded Chewy, an online retailer of pet food, in 2011 and remained with the company after its purchase by PetSmart in 2017 for $3.35 billion. He stepped down as the Chewy CEO in 2018.
The change in leadership comes after GameStop reported a jump second-quarter earnings in early September. The company posted net sales of $1.164 billion, compared with $1.136 billion in the same period a year ago.
Copies of Call of Duty: Ghosts are displayed at a GameStop. (Photo by Ethan Miller/Getty Images / Getty Images)
Company shares have been battered the last year, slipping roughly 32%. Despite a pop in pre-market trading on Thursday, the stock value is now retreating.