GameStop (Finally?) Intends To Elect Ryan Cohen As Chairman

Thursday brought some big news for GameStop Corp. GME shareholders in the form of another corporate leadership refresh.

What Happened: GameStop announced its nominating six individuals, including Chewy Inc CHWY co-founder and activist investor Ryan Cohen, to stand for election to its Board of Directors.

The election will take place at the company’s annual meeting of stockholders on June 9, 2021.

According to Thursday's announcement, GameStop's Board of Directors intends to elect Ryan Cohen as chairman of the corporation.

See also: How‌ ‌to‌ ‌Buy‌ ‌GameStop‌ ‌(GME)‌ ‌Stock‌

Why It's Important: Cohen, who owns a 13% stake in GameStop through his RC Ventures, has been pushing for changes at the retailer. In particular, investors are hoping his e-commerce magic will help turn around the struggling retailer.

The company announced the constitution of a strategic planning and capital allocation committee in March.

GameStop released its fourth-quarter results on March 23. Earnings in the quarter rose 5.51% over last year to $1.34 per share, which missed analyst estimates of $1.35.

In early 2021, the video game retailer emerged as a darling of Reddit retail investors who carried out a short squeeze.

GME Price Action: GameStop's stock traded higher by 3.5% to $184.25 at publication time.

Photo courtesy: Ardfern via Wikimedia