Ryan Cohen Appointed as GameStop's New CEO in a Big Change
Ryan Cohen is now the boss at GameStop. He's the founder of Chewy, a popular pet supply company. This change is important for GameStop's future plans.
GameStop, a popular video game company, has chosen Ryan Cohen as its new CEO. This decision comes after they let go of their previous CEO, Matthew Furlong, in June. Cohen, who is also known for founding Chewy, a famous online pet food store, won't be paid for this role.
GameStop's shares went up by more than 3% when this news was announced. This change is significant because Ryan Cohen played a major role in the meme stock movement. In 2021, during a period of high interest in certain stocks, he became a well-known activist investor.
Cohen joined GameStop's board in January 2021, and this move contributed to a huge surge in the company's stock value. Now, with Cohen leading the company, GameStop is expected to focus more on its digital presence.
In the last quarter, GameStop reported a loss in profits that was a bit more than what was expected, and their earnings were slightly lower than what experts predicted. However, these numbers were slightly better compared to the same period last year.