Ryan Cohen, activist investor of RC ventures will become GameStop’s knew chairman which will be announced at the company’s annual shareholder meeting June 9th. The stock rose up 4% in premarket training once the announcement came out. For the past three days the stock has been on a losing streak. The stock is valued at approximately $12.8 billion.
Ryan Cohen is the co-founder of Chewy, an online retail destination that delivers pet food and accessories for pet lovers. After Cohen’s first initial investment his plan it’s for the video game retailer to focus on an online sales and close stores that have not been profitable.
When investors got wind of Cohen’s involvement in GME (Common Stock) shares had soared to sky high gains in the beginning of this year, late January.
Other executives have joined GameStop from Walmart, Amazon, QVC and Chewy taking executives positions. Chief Financial Officer Jim Bell resigned, and the company will search for a new CEO that has more experience in e-commerce. Alan Attal and CEO George Sherman have also been named to the board.
The new board nominees will be Larry Cheng, the first investor in Chewy, and Yang Xu, a Kraft Heinz executive. executive at Kraft Heinz.
Larry Cheng is Co-Founder and Managing Partner of Volition Capital, a leading growth equity investment firm based in Boston, Massachusetts and the first investor in Chewy. He has more than two decades of venture capital and growth equity investing experience based on time at Volition Capital, Fidelity Ventures, Battery Ventures, and Bessemer Venture Partners.
Yang Xu is Senior Vice President of Global Finance and Treasury at The Kraft Heinz Company. She has more than 20 years of broad experience across the capital markets, finance, strategic planning, transactions and business operations in the U.S., Asia and Europe. Prior to The Kraft Heinz Company, she held roles with Whirlpool Corporation and General Electric Healthcare.
On April 5th, 2021, GameStop announces at-the-market equity offering program. The company can sell up to 3.5 million shares and intends to use any proceeds to further accelerate transformation and strengthen balance sheet.
GameStop announces preliminary sales results for the first nine weeks of fiscal 2021 reflecting an approximately 11% increase compared to the prior year period. Sales for the five-week March 2021 period increased approximately 18% from prior year.
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