Ryan Cohen is being elected as chairman of the board
GameStop has announced its candidates for changes to the board of directors beginning in June.
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The company announced the news through a new press release on 8 April. The changes are expected to come into effect from June 9 following the company’s annual meeting of stockholders.
As of its announcement, Gametop intends to elect Ryan Cohen as the new chairman of the board. Cohen is the company’s largest shareholder and is pushing for a transition from a brick-and-mortar video game retailer to an e-commerce brand. He He is also the co-founder and former CEO of the e-commerce company Chewy.
In addition to Cohen, five other nominees have been nominated to stand in the election for its board of directors: Alan Attal, Larry Cheng, Jim Grube, current Gametop CEO George Sherman and Yang Xu.
Two of the five candidates have worked with Cohen in Cheven. Alan Attal served as Chevy’s former CMO, while Jim Grube was the company’s former CFO. Larry Cheng is best known as the founder of the investment group, while Yang Xu is Senior VP of Global Finance and Treasury at Kraft Heinz.
GameStop has also announced that Jim Grube has been appointed immediately to serve on the Strategic Planning and Capital Allocation Committee.
Additionally, it was announced that all directors on the board would be given 100 percent compensation in equity after the annual meeting, and personal director compensation would be reduced by approximately 28 percent compared to the individual fiscal year.
GameStop’s leadership change is the latest development in its ongoing saga since it became the subject of an international stock market frenzy earlier this year.
Beginning in February, GameStop announced the resignations of its CFO Jim Bell and CCO Frank Hamlin. Recently, the company shared its earnings report for the financial year 2020.