GameStop has announced its nominees for a change in board of directors beginning in June.
The company announced the news via a new press release on April 8. The changes are expected to be implemented on from June 9 onwards, following the company’s annual meeting of stockholders.
Per its announcement, GameStop intends to elect Ryan Cohen as the new Chairman of the board. Cohen is the company’s largest shareholder and has been pushing for a transition from a brick-and-mortar video game retailer to e-commerce brand. He is also a co-founder and former CEO of e-commerce company Chewy.
Apart from Cohen, five other nominees have been named to stand for election to its Board of Directors: Alan Attal, Larry Cheng, Jim Grube, current GameStop CEO George Sherman and Yang Xu.
Of the five nominees, two have worked with Cohen at Chewy. Alan Attal served as Chewy’s former CMO, while Jim Grube was the former CFO of the company. Larry Cheng is best known as the founder of investment group Volition, while Yang Xu is the Senior VP of Global Finance and Treasury at Kraft Heinz.
GameStop has also announced that effective immediately, Jim Grube has been appointed to serve on the Strategic Planning and Capital Allocation Committee.
Additionally, it was announced that all directors on the board will be compensated 100 per cent in equity following the annual meeting, and that individual director compensation will be reduced by approximately 28 per cent in comparison to the prior financial year.
GameStop’s intended change in leadership is the latest development in its ongoing saga since it became the subject of an international stock market frenzy earlier this year.
Since early February, GameStop has announced the resignations of its CFO Jim Bell and CCO Frank Hamlin. Most recently, the company has shared its earning reports for the fiscal year 2020.
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