GameStop appoints Chewy founder Ryan Cohen as chief government

GameStop has appointed Chewy founder Ryan Cohen as its CEO in a bid to overtake its ailing enterprise. 

Cohen is the online game retailer’s largest particular person investor and serves as Chairman of its board. His appointment comes simply two months after GameStop executives ousted their former CEO Matthew Furlong, who joined the retailer’s government ranks to supervise its turnaround two years in the past. 

GameStop, whose meme inventory generated buzz on Wall Avenue, has struggled with poor gross sales and government turnover as online game streaming and digital sport downloads eat at its earnings. The largely brick-and-mortar chain additionally faces competitors from on-line retailers, comparable to Amazon. 

Cohen will retain his place on the corporate’s board, along with helming its C-suite, the corporate said in an announcement. The billionaire won’t obtain compensation for serving as the corporate’s president, CEO and chairman, the assertion reveals.

Shares of Gamestop Corp. spiked 10% Thursday earlier than the opening bell.

The Related Press contributed reporting.