Video game retailer worth $5 billion appoints new CEO, to not receive any salary

GameStop Appoints , Ryan Cohen as CEO. The Chewy founder, who is also GameStop's "largest individual investor and chairman of its board," is now the company's CEO, CBS News reports. The video game retailer's former CEO, Matthew Furlong, was ousted just two months ago. Cohen, aka the "king" of meme stocks, joined the company's board in 2021 after buying a stake in GameStop in 2020. Cohen will reportedly keep his board position and helm its C-suite. According to GameStop, "Mr. Cohen will not receive compensation for serving as the Company’s President, Chief Executive Officer and Chairman.". Shares of GameStop jumped 10% on Sept. 27 in premarket trading. However, they later dropped over 3% when the market opened. . GameStop, a brick-and-mortar chain, has struggled to remain relevant amid the age of streaming and digital downloads. Cohen will attempt to help the company shift more toward e-commerce, among other things. GameStop's Q2 financial results showed a smaller loss than last year with a slight increase in revenue, CNBC reports