GameStop (GME.N) on Thursday named billionaire Ryan Cohen as its CEO and chairman, tightening the activist investor’s grip on the ailing videogame retailer that he intends to turn around.
The brick-and-mortar retailer that once attracted gamers has struggled in the age of online downloads, drawing it to the heart of a clash in 2021 between hedge funds betting on its demise and retail traders pumping up its price.
At the peak of that meme stock rally, Cohen, GameStop’s largest investor, joined the board to aid a pivot to e-commerce.
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