Pedestrians pass a GameStop store on 14th Street at Union Square, Thursday, Jan. 28, 2021, in the Manhattan borough of New York.
John Minchillo | AP
GameStop announced Thursday that the Chewy co-founder Ryan Cohen will become its chairman following the company’s annual shareholder meeting, which is scheduled for June 9.
The retailer’s shares jumped more than 3% in premarket trading, putting the stock on track to snap a three-day losing streak. Shares have given up some of their sky-high gains since a surge in late January, but are still up more than 870% this year, giving the company a market value of $12.8 billion.
Cohen invested in GameStop last year, to push the video game retailer to focus on online sales and shutter unprofitable stores in malls. His involvement with the company helped spark the stock’s wild ride earlier this year.
Cohen is also the manager of activist investor RC Ventures.
Kathy Vrabeck is currently GameStop’s board chair.
This story is developing. Please check back for updates.