GameStop’s Ryan Cohen tells investors ‘buckle up’ after being elevated to chairman of the board
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It's official, Chewy.com founder Ryan Cohen has been named chairman of GameStop's board of directors.
Cohen, who is the company's largest shareholder, acknowledged turning around the troubled video game retailer won't be easy.
"We have a lot of work in front of us and it will take time," Cohen told shareholders, according to remarks posted on Reddit. "We are trying to do something that nobody in the retail space has ever done, but we believe we are putting the right pieces in place and we have clear goals: delighting customers, and driving shareholder value for the long term."
The stock ticked higher on the developments announced at the annual shareholder meeting Wednesday and ahead of earnings due after the closing bell.
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Cohen, however, remained tight-lipped on specifics for GameStop's future plans.
"You won’t find us talking a big game, making a bunch of lofty promises or telegraphing our strategy to the competition," Cohen added. "That’s the philosophy we adopted at Chewy."
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Cohen joined GameStop's board in January as the video game retailer's shares began to soar to unprecedented levels amid a short squeeze fueled by investors on Reddit's speculative investing forum, WallStreetBets. Shares are up over 1,492% this year alone.
"We’re fortunate to have such a special group of investors holding the company’s shares," Cohen said, according to sources cited by the Wall Street Journal. "You guys inspire us to think bigger, fight harder and work longer each day."