GameStop has named Ryan Cohen, the founder of Chewy, as its CEO in an effort to turn around its failing company.
Cohen chairs the board of the video game store and is its biggest individual investor. Matthew Furlong, who joined GameStop’s executive ranks two years ago to manage its turnaround, was fired from his position as CEO just two months before to his promotion.
Video game streaming and digital game downloads have eaten into GameStop’s profitability, and the retailer has battled with weak sales and high managerial turnover. Online merchants like Amazon compete with the mostly brick-and-mortar chain.
According to a statement from the corporation, Cohen will continue to lead the C-suite and sit on the board of the organization. According to the statement, the billionaire would not be paid for his roles as the company’s president, CEO, and chairman.
Gamestop Corp. stock rose 10% on Thursday before the market opened.