GameStop taps shareholder Ryan Cohen to lead e-commerce shift: Bloomberg

GameStop taps shareholder Ryan Cohen to lead e-commerce shift: Bloomberg

GameStop Corp has tapped shareholder Ryan Cohen to lead the company’s transition to an e-commerce business, Bloomberg reported citing sources familiar with the matter, sending the video game retailer’s shares up 13% on Monday.

Cohen, a board member who has been pushing the company to move away from its traditional brick-and-mortar model, will chair a new board committee, Bloomberg reported.

The committee will look to hire executives to lead its customer care and e-commerce fulfillment centers, as well as finding a new chief financial officer with technology and e-commerce experience, according to the report. (bloom.bg/3cazlvv)

GameStop, which has become one of the most visible of the so-called meme stocks, did not immediately respond to a request for comment.

Last week, Cohen, who is a major shareholder of GameStop and founder of e-commerce firm Chewy.com, posted a cryptic tweet of an ice-cream cone, with analysts speculating on whether that was a trigger for GameStop’s most recent rally.

Cohen’s RC Ventures activist firm reached a settlement with GameStop in January, giving Cohen seats on the company’s board.

The company’s stock surged more than 1,600% in January after a wave of buying forced investors betting against the company’s shares to unwind their positions, before paring most of those gains the following month.

Shares were up almost 14% at $156.51 before the opening bell.

News Source

Want to receive the latest stock and cryptocurrency news and investing ideas that can help you make money ?! Subscribe to our newsletter. Enter your email below and hit the subscribe button.

If you want professional consultation regarding stock or cryptocurrency investing leave your information below and experts from our trusted partners will reach out to you

Subscribe

* indicates required