Ryan Cohen Joins GameStop Board of Directors
💻 As per the latest reports, GameStop $GME now calls itself “a digital-first omni-channel retailer, offering games and entertainment products in its over 5,000 stores and comprehensive e-commerce properties across 10 countries.” In the holiday seasons, e-commerce accounted for 34% of total sales, the shift is happening especially now with Ryan Cohen on board.
🐶 Founder and former CEO of Chewy $CHWY Ryan Cohen who owns 13% of GameStop joined the board of the company along with two former Chewy executives, Alan Attal and Jim Grube. Alan Attal was the COO and CMO of Chewy while Jim Grube was the CFO of Chewy and later VP of Finance of Hilton. He also worked as a director of Finance at Amazon $AMZN
💼 Right now GameStop board has 13 members but in June, 4 of them won't stand for reelection (including the chairman) and we will be left with 9 members. It is possible that Ryan Cohen becomes the new Chairman. Among the other directors we have 3 former Chewy Executives, Former COO of Nintendo America, Former CEO of Walmart USA, Former CFO of Petsmart, 2 other activist investors, and CEO George Sherman. Many of the these directors have much skin in the game with total insider ownership at 33%.
⌛ There's a standstill period till around February 2022. Ryan Cohen will not be able to do the following without the approval of the board:
1. Buy more than 20% of GameStop
2. Change the board
3. Bring proposals to shareholders
💰 This change in governance is a good catalyst in my opinion. Most of the time activism is good for a company. I'm still very bullish on GameStop (with a short squeeze looming, being bearish would be very dangerous)
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