{"id":223839,"date":"2021-04-08T16:08:25","date_gmt":"2021-04-08T13:08:25","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/gamestop-stock-jumps-after-plans-to-make-ryan-cohen-chairman\/"},"modified":"2021-04-08T16:08:25","modified_gmt":"2021-04-08T13:08:25","slug":"gamestop-stock-jumps-after-plans-to-make-ryan-cohen-chairman","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/gamestop-stock-jumps-after-plans-to-make-ryan-cohen-chairman\/","title":{"rendered":"#GameStop stock jumps after plans to make Ryan Cohen chairman"},"content":{"rendered":"

“#Game<\/a>Stop stock jumps after plans to make Ryan Cohen chairman<\/strong>”<\/p>\n

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GameStop announced plans Thursday to make activist investor Ryan Cohen its chairman, a move that drew praise from Reddit<\/a> traders and boosted its stock price.<\/p>\n

The Texas-based video-game retailer said its board of directors would elect Cohen \u2014 the Chewy.com founder who took a stake in GameStop last year \u2014 to the post following its annual meeting on June 9, just about five months after he joined the board.<\/p>\n

The news<\/a> elicited immediate cheers on Reddit\u2019s WallStreetBets forum, where many members believe Cohen will turn GameStop from a struggling brick-and-mortar chain into a thriving digital gaming business.<\/p>\n

\u201cTHIS IS BETTER THAN CEO!!! HE WILL HAVE MORE ABILITY TO GUIDE THE COMPANY FROM THIS [position], AND WILL BE LESS LIKE A FIGUREHEAD,\u201d one user named BetOnThis21 wrote<\/a> on the message board early Thursday.<\/p>\n

The announcement also helped GameStop shares reverse their losses in premarket trading and climb about 3.5 percent to $184.29 as of 7:50 a.m.<\/p>\n

That\u2019s a muted move compared to the wild price swings GameStop has seen over the last two and a half months thanks largely to WallStreetBets. The foul-mouthed forum\u2019s users started buying up the stock based on their faith in Cohen before waging an all-out war against hedge funds that bet against the company.<\/p>\n

Some in the Reddit crowd also saw GameStop\u2019s plan to compensate its board members entirely in stock as a bullish sign \u2014 though the retailer also said it would slash director compensation by 28 percent from the prior year following the June meeting.<\/p>\n

\"Ryan
Ryan Cohen is expected to be named chairman of Gamestop<\/figcaption>
Alamy Stock Photo<\/span><\/figcaption><\/figure>\n

GameStop also announced two new candidates for board seats Thursday \u2014 including Larry Cheng, whose firm Volition Capital was the first investor in Chewy, Cohen\u2019s now-profitable online pet food retailer.<\/p>\n

The other candidate is Yang Xu, senior vice president of global finance and treasury at the Kraft Heinz Company, the food conglomerate behind Heinz ketchup and Oscar Meyer hot dogs.<\/p>\n

Meanwhile, Kurtis Wolf of investment firm Hestia Capital has left GameStop\u2019s board after less than a year, the company said<\/a> Thursday, adding that his departure did not stem from any disagreement \u201con any matter relating to the company\u2019s operations, policies or practices.\u201d<\/p>\n

Cohen\u2019s ascension to the chairman\u2019s seat follows GameStop\u2019s announcement last month that he was leading a special board committee tasked with transforming the company into an e-commerce business.<\/p>\n

That was the focus of a November letter Cohen sent GameStop\u2019s board, which said the chain had failed to keep up with the industry\u2019s \u201ctransition from physical hardware to digital streaming.\u201d\n <\/p><\/div>\n

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If you want to read more News<\/a> articles, you can visit our News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#GameStop stock jumps after plans to make Ryan Cohen chairman” GameStop announced plans Thursday to make activist investor Ryan Cohen its chairman, a move that drew praise from Reddit traders and boosted its stock price. The Texas-based video-game retailer said its board of directors would elect Cohen \u2014 the Chewy.com founder who took a stake…<\/p>\n","protected":false},"author":1,"featured_media":223840,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/04\/game-stop-1.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[101255,72645,72128,5005,70359],"class_list":["post-223839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-4-8-21","tag-corporate-governance","tag-gamestop","tag-reddit","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/223839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=223839"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/223839\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/223840"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=223839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=223839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=223839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}