GameStop CEO Cohen Urges Frugality, Profitability in Memo to Save Struggling Retailer

Ryan Cohen, GameStop's new CEO, sent a memo to employees emphasizing "extreme frugality" and eliminating all waste. He will not take a salary.
Cohen said GameStop must become profitable and survive for decades to come by avoiding common retail mistakes.
GameStop has struggled financially, reporting a $2.8 million Q2 net loss, though improved from a $108.7 million loss last year.
The company has tried new initiatives like an NFT marketplace to reinvent itself as customers increasingly buy games online.
GameStop shares have fallen nearly 9% this year to under $17, a fraction of the over $86 price during 2021's meme stock frenzy.

cnbc.com

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9/28/2023

GameStop Names Billionaire Investor Ryan Cohen as New CEO

GameStop appoints billionaire activist investor Ryan Cohen as CEO, leading to a nearly 10% increase in company shares, while Cohen will receive no compensation for his role.