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GameStop Announces Election of Ryan Cohen as Chief Executive Officer (gamestop.gcs-web.com)

submitted 1 year ago by [email protected] to c/[email protected]

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September 28, 2023 GRAPEVINE, Texas, Sept. 28, 2023 (GLOBE NEWSWIRE) -- GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today disclosed that its Board of Directors has elected Ryan Cohen as President and Chief Executive Officer, effective immediately. Mr. Cohen will not receive compensation for serving as the Company’s President, Chief Executive Officer and Chairman.

RC rolling up his sleeves.

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[–] [email protected] 3 points 1 year ago (2 children)

Ok but was something wrong with Matt is what I meant?

[–] [email protected] 3 points 1 year ago (1 children)

at this point I think it is inconclusive.

It's possible that there was in fact a problem with Matt. RC has made commentary about overpaid CEOs / executives in the past.

Some people speculate that Matt Furlong still has a role to play in this saga, though there isn't necessarily strong evidence for that.

[–] [email protected] 3 points 1 year ago (1 children)

His pay was public wasn't it?

[–] [email protected] 3 points 1 year ago (1 children)

Yes. his salary was $200k per year, plus stock options worth multiple millions.

[–] [email protected] 2 points 1 year ago

Oh I thought all c-suits were paid in stocks options only (it's really been a while 😂)

[–] [email protected] 2 points 1 year ago

My opinion: what was wrong with Matt Furlong was that he lost $50 million.

"GameStop fired its CEO, Matt Furlong, and elevated Ryan Cohen to executive chairman, the company announced on Wednesday. [...] GameStop (GME) also reported a net loss of $50.5 million [...] The loss comes just a few months after GameStop (GME) reported its first quarterly profit in two years."

https://www.cnn.com/2023/06/07/business/gamestop-fires-ceo/index.html