GameStop Board To See Mass Departure Amid Reboot Led By Chewy Fame's Ryan Cohen

GameStop Corporation GME informed the U.S. Securities and Exchange Commission Wednesday that eight members of its board are expected to depart the company.

What Happened: The exodus spans names ranging from former Nintendo Co, Ltd NTDOY executive Reginald Fils-Aimé to Kathy Vrabeck, formerly a president at Activision Publishing, a unit of Activision Blizzard, Inc ATVI.

Others expected to retire from the board at the 2021 annual meeting include Lizabeth Dunn, Paul Evans, Raul J. Fernandez, William Simon, James K. Symancyk, and Carrie W. Teffner.

GameStop said that its board had not yet “determined the definitive slate of nominees for election at our 2021 Annual Meeting.”

Why It Matters: Chewy, Inc CHWY co-founder Ryan Cohen, who owns a 13% stake in GameStop through his RC Ventures, has been pushing for changes at the retailer.

The company announced the constitution of a strategic planning and capital allocation committee this month.

See also: How‌ ‌to‌ ‌Buy‌ ‌GameStop‌ ‌(GME)‌ ‌Stock‌

Cohen will spearhead the committee, which will also include Alan Attal, a former Chewy executive, and Kurt Wolf as members.

On Tuesday, GameStop announced Chief Customer Officer Frank Hamlin would be leaving the company. In February, the company’s CFO Jim Bell announced his resignation. 

GameStop released its fourth-quarter results on Tuesday. Earnings per share in the quarter rose 5.51% over last year to $1.34 and missed analyst estimates of $1.35.

In early 2021, the video game retailer emerged as a darling of Reddit retail investors who carried out a short squeeze. 

Price Action: GameStop shares closed 33.79% lower at $120.34 on Wednesday and rose 7.61% in the after-hours session to $129.50.

Read Next: GameStop Discloses It Could Capitalize On Reddit-Fueled Rally With A Stock Sale

Photo courtesy: EPIC via Wikimedia

Posted In: Meme StocksRedditRyan CohenShort SqueezewallstreetbetsNewsEvents

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