Courtesy of Ryan Cohen; Chewy; GameStop; Olly Curtis/Future Publishing via Getty Images; Reddit; Samantha Lee/Insider
- GameStop rose 14% in pre-market trading after Ryan Cohen was announced as chairperson for a new committee.
- Cohen will lead the video-game retailer’s transition to an Amazon-like e-commerce business.
- Shares in GameStop rose more than 1,600% in January amid the Reddit-fuelled trading frenzy.
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Shares in GameStop rose 14% in pre-market trading Monday after the company announced board member and Chewy founder Ryan Cohen will lead its strategic transformation.
Cohen has been appointed chairperson of a planning committee that aims to transition the company to an e-commerce business. Members of the committee include Alan Attal, Kurt Wolf, and Cohen himself.
Cohen has been actively pushing for the company to gravitate away from its traditional brick-and-mortar model to an Amazon-like e-commerce titan.
Since the committee’s formation, they appointed Amazon vet Matt Francis as CTO, hired two executives to lead the customer care and e-commerce fulfillment functions, and have been seeking a replacement for prior CFO Jim Bell. Bloomberg reported earlier on Monday Cohen would be tapped for the role.
Shares in GameStop rose more than 1,600% in January after a wave of Reddit-fuelled retail traders rebelled against Wall Street hedge funds that were betting against the stock.
Shares were up almost 14% in pre-market trading at $156.51 per share.
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