Over the past month or so, the conversation of GameStop is one that many would not predict just a year prior. In that, the brick-and-mortar video game retailer continued to face a downfall in performance as several locations continued to close doors and even the mass layoffs of conjoined Game Informer staff affiliated with the storefront. However, events went in a new direction following the bombardment of growth on the stock market.
In February, GameStop $GME faced an all-time high in performance at Wall Street thanks to Reddit board, r/WallStreetBets. Through influence, and a couple tweets from Tesla CEO Elon Musk, the stock surged well above $300 per share at average. However, the stock faced steady decline following intervention from the U.S. Securities and Exchange Commission (SEC). But, despite the setback, GameStop returned now opening today at $225.16.
Acknowledging the impressive success on behalf of the posters on the Reddit page, GameStop in a new press release this past week welcomes r/WallStreetBets’ Ryan Cohen to its newly constructed Strategic Planning and Capital Allocation Committee.
GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today announced that its Board of Directors (the “Board”) has formed a Strategic Planning and Capital Allocation Committee (the “Committee”) to identify initiatives that can further accelerate the Company’s transformation. The Committee is comprised of Alan Attal, Ryan Cohen, and Kurt Wolf, with Mr. Cohen serving as Chairperson.
Cohen, founder of Chewy.com, is said to serve as chairman for the new committee. Additionally, former Chewy Chief Marketing Officer Alan Attal will also serve as Chair of the Board’s Nominating and Corporate Governance Committee. GameStop’s Kurt Wolf will also stand as Chair of the Board’s Compensation Committee.
“Announcing Chief Financial Officer succession plan and commencing a search for a new Chief Financial Officer with relevant technology and/or e-commerce experience, the press release continues reading. “The Committee will continue to focus on identifying actions that can transform GameStop into a technology business and help create enduring value for stockholders.
“It is responsible for evaluating areas that include GameStop’s current operational objectives, capital structure and allocation priorities, digital capabilities, organizational footprint, and personnel.” What are your thoughts in the appointed involvement of r/WallStreetBets at GameStop internally now?
Source: GameStop
