Video game retailer GameStop (GME) named executive chair and 澳洲幸运5官方开奖结果体彩网:activist investor Ryan Cohen as its president and CEO, eff𒉰ective immediately. 

Cohen, who founded online pet supplies retailer Chewy (CHWY), first took a stake in GameStop in 2020, and became a director in 2021. He rose to executive chair in a restructuring of the company in June, when former CEO 澳洲幸运5官方开奖结果体彩网:Matthew Furlong was fired. The position had been vacant since then.

Cohen’s 澳洲幸运5官方开奖结果体彩网:venture capital firm, RC Ventures, is GameStop’s largest investor, holding 12.1% stake. In a short statement, the company noted that he will not receive compensation for his work as CEO, president, and chair.

GameStop has struggled as video game customers shifted away from purchases in physical stores and moved to playing games online. Earlier this month, the company reported a smaller-than-expected loss because of a bo🏅ost in digita🍷l sales, a move pushed by Cohen.

Cohen’s involvement with GameStop is credited as having contributed to the events leading the company to become part of the 澳洲幸运5官方开奖结果体彩网:meme stock frenzy of early 2021. Shares of GameStop spiked to an all-time high in January of 2021 when he joined the company's board, then plunged almost 90% before bouncing back up. Shares fluctuated until November of that year, then began a long, steady decline with a few peaks before hitting a more than two-year low earlier this year.

After initially jumping following the news on Thursday, shares of GameStop turned negative and were 2.5% lower as of noon Eastern.