American video game retailer GameStop has appointed Ryan Cohen as its President and Chief Executive Officer. In a release, GameStop announced that Cohen would not receive any compensation for his role. In his first email to employees, Cohen emphasized the importance of ensuring the survival of the struggling retailer. He highlighted the need for extreme frugality and the elimination of any unnecessary expenses. Cohen stressed the importance of avoiding mistakes that can lead to self-destruction, such as buying bad inventory, using leverage, and running expenses too high. He urged employees to work hard and emphasized his commitment to turning the company around, despite not receiving a salary. Cohen previously served as the executive chair of GameStop and held a 12.09% stake in the company through his company, RC Ventures. He replaces former Amazon executive Matt Furlong as GameStop’s CEO, with investors hopeful that Cohen’s plan will lead to a turnaround for the retailer.
