this post was submitted on 28 Sep 2023
98 points (99.0% liked)

DRS Your GME

1228 readers
1 users here now

ΔΡΣ Central

Community to discuss the DRSGME.org project and resources, and how to spread DRS advocacy and information to GameStop investors around the world.

Have a great idea to spread the word? There are some resources here to get started!

https://www.drsgme.org/free-resources

founded 1 year ago
MODERATORS
apes_on_parade@lemmy.whynotdrs.org
Chives@lemmy.whynotdrs.org
bibic_jr@lemmy.whynotdrs.org
Millertime1216@lemmy.whynotdrs.org
Jmarie777@lemmy.whynotdrs.org
98
GameStop Announces Election of Ryan Cohen as Chief Executive Officer (gamestop.gcs-web.com)
submitted 1 year ago by Chives@lemmy.whynotdrs.org to c/drs_your_gme@lemmy.whynotdrs.org
15 comments fedilink hide all child comments
 

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.

you are viewing a single comment's thread
view the rest of the comments
[–] Kecessa@sh.itjust.works 2 points 1 year ago (1 children)

Gamestop has essentially undergone a "adversarial recovery."

Have been OOTL for a while, something happened?

[–] jersan@lemmy.whynotdrs.org 3 points 1 year ago (1 children)
  • June 9, 2021 - Ryan Cohen becomes chairman of the board of directors, replaces the entire board with his own people, Matt Furlong becomes CEO
  • June 7, 2023 - Matt Furlong out as CEO, Ryan Cohen becomes "executive chairman"
  • September 28, 2023 - Ryan Cohen is now CEO
[–] Kecessa@sh.itjust.works 2 points 1 year ago (2 children)

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

[–] jersan@lemmy.whynotdrs.org 2 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.

[–] Kecessa@sh.itjust.works 2 points 1 year ago (1 children)

His pay was public wasn't it?

[–] jersan@lemmy.whynotdrs.org 2 points 1 year ago (1 children)

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

[–] Kecessa@sh.itjust.works 1 points 1 year ago

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

[–] AnimorphFan1996@lemmy.whynotdrs.org 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