Activist Investor Ryan Cohen Will Have Majority Of The GameStop Board Seats After The Annual Meeting
Summary
- GameStop announces additional board refreshment to accelerate transformation.
- Activist investor Ryan Cohen and two other former Chewy members are getting a chair in the board immediately.
- Ryan Cohen will have the majority of the board seats after the annual meeting.
News just came up that former Chewy ($CHWY) founder and CEO billionaire activist investor Ryan Cohen just got three seats on the GameStop ($GME) board.
From the press release:
...the Board will be reduced to nine members following the Annual Meeting.
The Company’s anticipated slate of director nominees for the Annual Meeting includes the following nine individuals: Alan Attal, Ryan Cohen, Paul Evans, Reginald Fils-Aimé, Jim Grube, George Sherman, William Simon, Carrie Teffner and Kurt Wolf.
This means that after the annual meeting Ryan Cohen will have 5 supporters on the board (including himself), while the board will consist a total of 9 members.
That means that soon he might even be appointed as new CEO of GameStop.
Ryan Cohen can also still up his 12.9% position by over 50%, up to 19.9% of the outstanding shares if he wants.
GameStop also released their holiday sales results today, which brought a 309% increase in e-commerce sales and a 4.8% increase in comparable store sales YoY.
Analyst's Disclosure: I am/we are long GME.
The writer of this article started investing in 2019 with ~$35 000. He made over $450 000 realized profit in just two stocks in two years, one of which is GME. Currently the writer is heavily invested in 2021 July $13 calls and also invested in leap 2022 calls.
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