GameStop Plans to Make Activist Ryan Cohen Chairman; Shares Rise

by BLOOMBERG

GameStop Corp. rose in premarket trading after saying it intends to elect Ryan Cohen as its next chairman, cementing the activist investor’s influence at the video-game retailer.

Kurtis Wolf resigned effective April 5, GameStop said in a filing Thursday. The company said the resignation didn’t result from a disagreement over operations, policies or practices.

Cohen will stand for election as chairman at the annual meeting June 9, GameStop said in a statement.

GameStop shares rose as much as 3.8% to $184.80 in New York premarket trading. The stock has been on a wild, Reddit-driven ride, surging 845% this year.

As part of a corporate overhaul spearheaded by Cohen, the company has brought in new executives, including a chief growth officer and chief technology officer. It has added technology experience to its team to help move the company away from its brick-and-mortar business.