GameStop shares jump after retailer taps Chewy co-founder Ryan Cohen to lead e-commerce shift

Business

A man talks by his phone in front of GameStop at 6th Avenue on February 25, 2021 in New York.

John Smith | Corbis News | Getty Images

Shares of GameStop jumped 11% in premarket trading after the company announced Monday that it has tapped Chewy co-founder Ryan Cohen to lead its shift to e-commerce.

Cohen is serving as chairman for a special committee formed by GameStop’s board to help its transformation. Board members Alan Attal, Chewy’s former top operations executive, and Kurt Wolf, chief investment officer of Hestia Capital Management, also serve on the committee.

Cohen invested in GameStop last year to push the company to focus on online sales and turn away from physical stores. His involvement with the company helped spark the stock’s wild ride earlier this year. Shares of GameStop have surged more than 700% so far in 2021, giving the company a market value of $10.6 billion.

The committee has already appointed a chief technology technology officer, hired two executives to lead customer services and e-commerce fulfillment and begun a search for a new chief financial officer with tech or e-commerce experience. GameStop previously announced that current CFO Jim Bell will resign on March 26. Citing sources familiar with the matter, Business Insider reported that Bell was pushed out by Cohen.

The new committee has also appointed Attal as chair of the board’s nominating and corporate governance committee and Wolf as chair of the board’s compensation committee.

This is a breaking news story. Please check back for updates.

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