GameStop's New CEO Seeks 'Extreme Frugality' To Keep Boat Afloat: 'Treat Company Money Like Their Own'

The newly-appointed CEO of GameStop Corp., Ryan Cohen, emphasized the need for ‘extreme frugality’ to ensure the company’s survival. This news comes amid a period of financial turbulence for the video game retailer.

As per CNBC’s report, Cohen outlined his plans in a memo to employees, stressing the need to examine every expense under a microscope and eliminate all waste. He also stated that he will not be receiving a salary in his new role.

"Our job is to make sure GameStop is here for decades to come. Extreme frugality is required,” he said.

“The company has no use for delegators and money wasters. I expect everyone to treat company money like their own and lead by example."

Cohen, a billionaire activist investor and founder of pet supply retailer Chewy, was named GameStop’s CEO earlier that day. He was previously the executive chair of GameStop GME and his firm, RC Ventures, is the company’s largest shareholder with a 12.09% stake.

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The CEO’s appointment and his frugality-driven strategy mark a new phase in GameStop’s efforts to reinvent itself. The Texas-based company has been struggling to remain relevant as customers increasingly turn to online platforms for purchasing video games.

GameStop GME shares closed at $16.84 on Thursday, marking a nearly 9% decline for the year.

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