Ryan Cohen named GameStop CEO for no ‘compensation’

GameStop Corp (NYSE: GME) is in focus this morning after it named Ryan Cohen – the billionaire activist investor its new Chief Executive.

Cohen will not take a salary as GameStop CEO

Cohen will also assume the role of Chairman and President at the gaming merchandise retailer, effective immediately. The board voted unanimously on his appointment today.

Interestingly, the billionaire has agreed to not “receive any compensation” for leading GameStop, as per the press release on Thursday.

The announcement arrives only weeks after the New York listed firm said its loss narrowed and revenue went up 2.0% year-on-year in the second financial quarter. Both numbers came in ahead of Street estimates as Invezz reported here.

GameStop shares opened significantly up this morning but have already slipped back into the red at writing.

RC Ventures is largest shareholder of GME

Ryan Cohen will also take over as the Principal Executive Officer of GameStop – a position that was handed to Mark Robinson only a couple months ago.

Robinson will continue as the general counsel and secretary of the Texas-based company, the press release added on Thursday.

RC Ventures – Cohen’s seed and venture capital firm is currently the largest shareholder of GameStop Corp with a 12.09% stake. The activist investor had first revealed exposure to “GME” in 2020.

At writing, GameStop shares are trading roughly at the same price at which they started the year 2023. Note that the U.S. Securities & Exchange Commission (SEC) is currently investigating Ryan Cohen for his surprise sale of Bed Bath & Beyond shares.