GameStop Overhauls Board, Appoints Chewy Co-Founder

Video game retailer GameStop is overhauling its board of directors to focus on eCommerce and has appointed Chewy’s former CEO and co-founder Ryan Cohen.

GameStop CEO George Sherman said in a Monday (Jan. 11) press release that the company has been in discussions with Cohen, head of RC Ventures, for several months and “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.” 

Sherman added that GameStop will be “leveraging our omnichannel capabilities” to grow online sales. He pointed to the company’s “strong progress optimizing our business” by targeting efficiency and cost-cutting.

Aside from Cohen, who was already a major investor in GameStop, new board nominees are Alan Attal, Paul Evans and Jim Grube.

Cohen said that he, Attal and Grube are committed to working with other board members and the company’s management to “transform GameStop” and deliver different viewpoints to the boardroom.

The board of directors will expand from 10 members to 13 until board chair Kathy Vrabeck steps down, along with three others. At that point, the board would be reduced to nine members.

Vrabeck said the board is eager to work with the new appointees “to pursue long-term value creation” and added that their “substantial eCommerce and technology expertise” will benefit GameStop as it works to transform and “fully capture the significant growth opportunities.”

GameStop teamed up with buy now, pay later (BNPL) firm Klarna in October to offer installment payments for the gaming community. The new service will be available online, through its app, and at its more than 3,000 physical retail stores.

GameStop has also partnered with QuadPay to offer flexible payment options and is now part of more than 4,700 worldwide retailers and merchants in the QuadPay network. GameStop operates globally under the names GameStop, Micromania and EB Games.