Gamestop Gets A New Board Member – A Pet Food Billionaire
Ryan Cohen already owned 12% stock in videogame retailer giant Gamestop. He’s now moved into a position on the board of directors, according to an official press release.
Cohen made his billions in the pet food industry with the company Chewy. He’ll be bringing with him to the board Alan Attal and Jim Grube, who also worked with him at the company. The three will be joining as part of the RC Ventures‘ voice on the board – RC Ventures being one of the largest stockholders in the company which was managed by Cohen.
The press release discusses the trio’s background in e-commerce. With RC Ventures accounting for three of the thirteen voices on the board; it’s likely they will be a strong voice for pushing Gamestop as an online business.
An already forceful voice
Cohen has already had disputes in regard to the lack of ingenuity on Gamestop‘s behalf. A letter from last year written by Cohen to Gamestop discussed his dissatisfaction; he was scathing of the company’s efforts to remain current. Cohen stated that the company lacked “the mindset, resources, and plan needed to become a dominant sector player.” Continuing, he said that the company perpetuated an “apparent unwillingness to pivot with urgency and grow with gamers.”
Referring presumably to statements akin to the above, Gamestop‘s CEO had this to say about prior discussions with Cohen: “We appreciate the constructive dialogue we have had with Ryan over the past several months,” He concluded with: “Together, we have reached an outcome that is in the best interest of all stockholders and can enable GameStop to accelerate efforts to deliver enhanced value for the Company.”
Physical retail has, of course, been a huge challenge for businesses over the last decade but especially during the pandemic. Gamestop is presumably hoping to reinvigorate their online sales with these new key figures on the board.