NEW YORK – GameStop announces the appointment of Chewy founder Ryan Cohen as chairman of the board at its annual meeting of shareholders on June 9 Current chairman of the board is Kathy P Vrabeck

In mid-January, GameStop Corp added Cohen and two of his former Chewy colleagues to its board of directors after Cohen urged the retailer to focus on its online operations This move contributed to the rise stock’s skyrocketing Stocks have given up some of their gains on the moon since the big boom in late January, but are still up over 800% this year

Earlier this week, the Grapevine, Texas-based video retailer announced it would sell up to 35 million of its shares. The shares will be sold through an “in-market” offering, which allows companies to place their shares on the market over a period of time

GameStop’s business failed over the past decade with the rapid transition to game downloads This change threatened GameStop’s existence and its shares were cut by more than half, to $ 20 each, at the start of this year But GameStop has been caught up in a battle between the high-income hedge funds betting against it and the smaller investors trying to back it up. This caused GameStop’s share price to soar despite the underlying fragile financial situation

Other new directors to be elected to the board at the shareholders meeting are Yang Xu, senior vice president of global finance and treasury at Kraft Heinz Co and Larry Cheng, who was the first investor in Chewy

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Ryan Cohen

World News – CA – GameStop Names Chewy Founder Ryan Cohen As President