GameStop appeals to Chewy founder Ryan Cohen to lead e-commerce shift

GameStop shares jumped 11% in pre-market trading after the company announced Monday that it had brought in Chewy co-founder Ryan Cohen to lead its transition to e-commerce.

Cohen is chairman of a special committee formed by GameStop’s board to help with its transformation. Board members Alan Attal, former chief operating officer of Chewy, and Kurt Wolf, chief investment officer of Hestia Capital Management, also sit on the committee.

Cohen invested in GameStop last year to push the company to focus on online sales and away from physical stores. His involvement in society helped spark the title race earlier this year. GameStop shares have jumped more than 700% so far in 2021, giving the company a market value of $ 10.6 billion.

The committee has already appointed a chief technology officer, hired two executives to lead customer services and e-commerce execution, and began the search for a new chief financial officer with technology or e-commerce experience. GameStop previously announced that current CFO Jim Bell will step down on March 26. Citing sources familiar with the matter, Business Insider reported that Bell was kicked out by Cohen.

The new committee also appointed Attal as chair of the nominating and corporate governance committee and Wolf as chair of the board’s compensation committee.

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