GameStop said Ryan Cohen will be named as chairman of the company's board. Cohen is the manager of activist investor RC Ventures.
Cohen, who is the founder of Chewy.com, invested in GameStop last year, and drove the company’s online sales business and shutter unprofitable stores in malls. He will be elected as company chairman and, be 100% compensated in GameStop equity alomg with other board members.
Chief Merchandising Officer Chris Homeister submitted his resignation from the business in late March. In February, Chief Financial Officer Jim Bell announced his resignation.
Last month, GameStop reported quarterly sales decline (the ninth in a row), and revenue of $2.122 billion that missed Wall Street forecasts. On April 5, it announced plans to sell up to 3.5 million shares and raise $600 million to finance its strategy shift.
Nevertheless, the company experienced a +175% growth in e-commerce sales over the first quarter.